During Monday morning hours, the GBP/USD exchange rate jumped to the resistance level—the weekly R1 at 1.3431.
If the predetermined resistance level holds, it is likely that the currency pair could reverse south and target the psychological level at 1.3200 within the following trading session.
Meanwhile, note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3283/1.3365 range. Thus, some upside potential could prevail in the market, and the rate could re-test the 1.3520 mark.
