Since Thursday, the GBP/USD exchange rate has been trading downwards.
Given that the currency pair is pressured by the 55– and 100-hour SMAs, as well the weekly R1 in the 1.3400/1.3825 range, it is likely that some downside potential could prevail in the market.
Meanwhile, note that the pair could gain support from the 200-hour moving average near 1.3735. If the predetermined support holds, the rate could consolidate. Otherwise, the pair could decline to weekly PP at 1.3688.
