Yesterday, the GBP/USD exchange rate traded down and surpassed the psychological level at the 1.2800 mark.

Given that the currency pair is pressured by the 55-hour moving average, currently located at 1.2834, it is expected, that bears could continue to prevail in the nearest future. A possible downside target is the weekly S3 at the 1.2719 mark.

However, note, that the rate is trading near the lower boundary of the short-term descending channel. Thus, theoretically, it is likely, that some upside potential could prevail in the market. It is unlikely, that the pair could jump higher than 1.2869 due to the resistance of the monthly S1.

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