Yesterday, the GBP/USD exchange rate traded sideways, trying to surpass the support level formed by the weekly PP and the 200-hour SMA at 1.2669.
If the given support level holds, it is expected, that the rate could reverse north. However, note, that the currency pair would have to surpass the resistance formed by the 55– and 100-hour SMAs, currently located at 1.2684 and 1.2705 respectively.
If the given support level does not hold, it is likely, that bears could prevail in the market, and the pair could decline to the psychological level located at the 1.2640 mark.
