Yesterday, the GBP/USD exchange rate plummeted to the psychological level at the 1.2800 mark.
Given that the rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.2685, it is likely, that bears could continue to prevail in the market. A possible downside target is the 1.2640 level.
On the other hand, the currency pair could trade sideways in the nearest future, trying to surpass the given resistance.
Also, it is unlikely, that the rate could breach the short-term descending channel south due to the resistance cluster formed by the 200-hour SMA, the weekly PP and the monthly S2 in the 1.2703/1.2715 range.
