The GBP/USD exchange rate remained stable on Tuesday, as it was pressured from both sides by the 55-day SMA and the monthly and weekly S1s.
The pair was trading near the former for the most part of the session, but nevertheless failed to gather the necessary bullish momentum to break out. This demonstrates that some bearish movement could prevail today. The closest target is the 61.80% Fibonacci retracement and the senior channel line at 1.29, while the weekly S1 is located at 1.2855.
The bullish scenario should likewise be considered if the 55-hour SMA is surpassed. In this case, the daily high should be around 1.30 where the 100-hour SMA is located.
