GBP/USD analysis: Pressured by moving averages
GBP/USD
Yesterday, the GBP/USD exchange rate tested the resistance formed by the 55– and 200-hour SMAs near 1.2240. During Friday morning, the rate declined to the 1.2180.
Note that the currency pair is pressured by the 100-hour SMA near 1.2230 as well. Thus, some downside potential could prevail in the market, and the pair could target the 1.2080/1.2120 area.
On the other hand, the British Pound could consolidate against the US Dollar in the short term, as the rate could continue to test the given resistance.
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