GBP/USD Consolidates At 1.3780

During today’s morning hours, the GBP/USD exchange rate was consolidating at the 1.3780 mark.

It is likely that the currency pair could face the resistance level—the weekly R1 at 1.3809 and bounce off. In this case the pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3690/1.3730 area.

However, if the predetermined resistance does not hold, the exchange rate could extend gains in the short term. A possible upside target could be the weekly R2 located at 1.3879.