During the previous trading session, the GBP/USD exchange rate traded sideways around the psychological level at 1.2160. During Tuesday’s morning, the rate surpassed the given level.
Note, that the currency pair is trading near the upper boundary of the short-term ascending channel at 1.2200. Thus, from a theoretical perspective, it is likely, that a reversal south could occur soon. In this case, the pair could face the support of the 55– and 100-hour SMAs, located circa 1.2146.
On the other hand, the pair could try to surpass the resistance level formed by the weekly PP at the 1.2212 mark. It is unlikely, that the British Pound could exceed 1.2236 against the US Dollar due to the resistance of the 200-hour SMA.
