Since Wednesday, the GBP/USD exchange rate has been trading between the 1.2920 and 1.3050 levels.
It is likely that the currency pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2960/1.2995 range. Thus, some upside potential could prevail in the market.
Meanwhile, note that the exchange rate could face the resistance level—the weekly PP at 1.3062. Therefore, the rate could reverse south and target the weekly S1 at 1.2863.
