During the previous trading session, the GBP/USD exchange rate traded sideways around the 1.2660 level. During Thursday’s morning, the rate declined to the support level—the weekly S1 at 1.2610.
If the given support does not hold, it is likely, that the currency pair could maintain its slump. Note, that the nearest support level is the monthly S3 at 1.2539.
Otherwise, it is expected, that the pair could trade sideways between the given support level at the psychological level at the 1.2660 mark.
Also, it is unlikely, that the rate could jump higher than 1.2700 due to the resistance formed by the 55– and 100-hour SMAs, as well the monthly S2.
