During Thursday, the GBP/USD exchange rate was volatile as opposition parties of the UK Parliament started a plan to stop a no-deal Brexit. During today's morning, the rate jumped to the resistance level—the weekly R1 at 1.2156.
If the given resistance holds, it is likely, that a reversal south could occur in the nearest future. The rate could trade sideways between the given resistance and the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2077/1.2106 range until the next week.
If the given resistance does not hold, the currency pair could continue to extend gains. In this case, a possible upside target could be the psychological level at the 1.2180 mark.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.