Pullback on the GBP/USD

The Pound versus the Dollar falls near the 1.3000 level, but it was not able to touch that level. On a second visit to the 1.3000 level, the pair may touch it, but it may be difficult to break that level to the downside, due to the fact that around the 1.3000 level we can see the 200 day EMA and the 76.4% Fibonacci retracement as shown on the daily chart. The GBP/USD is currently pulling back to the upside, but as shown on the chart the pair has touched exactly the 55 day EMA where it stalls at the moment. From the 55 day EMA, the pair may try to go back down, but if it continues to the upside, then the 1.3200 level along with the 50% Fibo could also act as resistance. Below the 200 day EMA, its next support level could be the 1.2800 zone. Another possible scenario is that the GBP/USD may stay bouncing up and down between the 200 day EMA and the 55 day EMA without taking a clear direction and consolidating for a while.