Yesterday, the GBP/USD exchange rate traded sideways around the psychological level at 1.2600. During Tuesday’s morning, the rate renewed 2018/2019 minimum at 1.2462.
If the given minimum holds, it is expected, that a reversal north could occur. In this case, the currency pair could target the resistance formed by the 55-hour moving average, currently located at 1.2522.
Otherwise, it is expected, that some downside potential could continue to prevail in the market in the short term. Note, that the pair could be supported by the Fibonacci 0.00% retracement and the weekly S1 at 1.2441.
