The GBP/USD exchange rate has renewed the 2018/2019 minimum, located at the 1.2021 mark. During today’s morning, the rate reversed north.
From a theoretical point of view, the currency pair could reach the upper boundary of the short-term descending channel located circa 1.2085 soon. If the given channel holds, it is likely, that a reversal south would follow. On the other hand, the rate could consolidate at the 1.2060 level within the following trading hours.
It is unlikely, that bulls could prevail in the market, and the British Pound could exceed the 1.2090/1.2138 range due to the resistance cluster formed by a combination of the 55-, 100– and 200-hour SMAs, as well the weekly PP.
