Yesterday, the GBP/USD exchange rate declined to the support level formed by the weekly PP at 1.3089.
From a technical perspective, it is expected, that the rate could go upside, as it is supported by the 55– and 100-hour moving averages. A possible upside target is the Fibonacci 36.10% retracement at 1.3162.
On the other hand, the currency pair could trade sideways between the weekly PP and the 1.3120 level. Also, it is unlikely, that some downside momentum could prevail in the market, and the pair could slump lower than the lower boundary of the short-term ascending channel at 1.3040.
