Yesterday, the GBP/USD exchange rate reversed north from the lower boundary of the medium-term descending channel at 1.2528.
From a theoretical point of view, it is expected, that some upside potential could prevail in the market, as the rate targets the upper channel line. However, note, that the currency pair has to surpass the 100-hour SMA at 1.2597.
If the given resistance holds, a reversal south could occur within the following trading hours. In this case, the pair could be supported by the 55-hour SMA at 1.2555.
If the given resistance does not hold, the rate could target the resistance level formed by the 200-hour SMA and the weekly PP at 1.2644.