Yesterday, the GBP/USD exchange rate tried to surpass the resistance level formed by the weekly R1 at 1.2970. During Friday morning, the rate continued to test the given resistance.
It is likely that some upside potential could prevail in the market, as the currency pair has been trading within the short-term ascending channel since Tuesday. In this case the pair could surpass the psychological level at 1.3000.
However, if the given resistance level holds, it is likely that a reversal south could occur. Note that the currency pair could gain support of the 55-, 100– and 200-hour SMAs, as well the Fibo 38.20% and the weekly PP in the 1.2880/1.2918 area.
