During Monday, the GBP/USD exchange rate reversed south from the upper boundary of the short-term ascending channel at 1.2300. During today’s morning, the rate was testing the support level—the weekly PP at 1.2220.
If the given support level holds, it is likely, that the currency pair could reverse north within the following trading hours. Note that the nearest resistance level is the monthly PP at 1.2330.
It is unlikely, that some downside potential could prevail in the market, as the pair is supported by the 100-hour SMA, currently located at 1.2209. However, the rate could consolidate between the given support and the 55-hour SMA at 1.2241.
