On Wednesday, the GBP/USD exchange rate tumbled to the support level—the weekly S2 at the 1.2843 mark.
Given that the rate is still pressured by the 55-hour moving average, currently located at 1.2896, it is likely, that bears could prevail in the market in the short run. A possible downside target is the psychological level at 1.2800.
However, if the given channel holds, a reversal north could occur in the nearest future, and the currency pair could try to surpass the given moving average.
