Yesterday, the GBP/USD exchange rate traded sideways between the 55-, 100– and 200-hour SMAs, located at 1.2700 and 1.2673 respectively.
If the given moving averages hold, it is likely, that the rate could continue to trade sideways in the nearest future.
It is the unlikely case, that bears could prevail in the market, and the currency pair could decline lower than 1.2646 level due to the support of the weekly S1.
Also, from the technical point of view, it is unlikely, that the pair could trade upwards, as it is pressured by the weekly PP at 1.2705.
