Yesterday, the GBP/USD exchange rate jumped to the resistance formed by the weekly PP and the 200-hour SMA near 1.2400. During Wednesday morning, the rate was testing the given resistance.
From a theoretical perspective, it is likely that the currency pair could reverse south from the upper line of the medium-term descending channel circa 1.2400.
Note that the exchange rate could gain support from the 55-hour SMA near 1.2334. If the predetermined support holds, it is likely that the rate could consolidate.
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