At the end of the previous trading week, the GBP/USD exchange rate reversed north from the resistance level formed by the monthly S1 at 1.2545.

During Monday’s morning, the rate was testing the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2469/1.2504 range.

If the given support does not hold, it is expected, that the currency pair could continue to decline. A possible downside target is the 1.2440 level.

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Otherwise, it is likely, that the pair could reverse north in the nearest future and re-test the given resistance

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