During Friday, the GBP/USD exchange rate breached the short-term descending channel north. During today’s morning, the rate was testing the resistance level formed by the 200-hour SMA and the weekly PP at 1.2648.
Note, that the currency pair is supported by the 55– and 100-hour moving averages, currently located circa 1.2630. Thus, the pair could breach the given resistance and maintain its growth. A possible upside target is the 1.2700 level.
Otherwise, it is expected, that the rate could trade sideways round the given moving averages in the short-term. If the given support does not hold, the pair could decline to the 1.2580 level.
