Yesterday, the GBP/USD exchange rate tried to surpass the descending trend line located circa 1.2400. During Wednesday’s morning, the rate was testing the given line.
Note, that the currency pair is supported by the weekly and the monthly S2s, located circa 1.2390. Thus, if the given support holds, it is likely, that the rate could reverse north.
It is unlikely, that the pair could jump higher than the 1.2480 mark due to the resistance of the 55-hour SMA and the weekly S1.
On the other hand, the rate could continue to go downwards, trading along the given trend line.