On Tuesday, the GBP/USD exchange rate tried to surpass the psychological level at 1.2300. During today’s morning, the rate tumbled to the 200-hour SMA at 1.2190.
If the given moving average holds, it is likely that a reversal north could occur in the nearest future. However, note that the currency pair would have to surpass the 55– and 100-hour SMAs located circa 1.2250.
On the other hand, the British Pound could be pressured due, as there is a possibility that the UK Parliament could stay on break until October 14. In this case the pair could continue to decline. The nearest support level is the weekly S1 at 1.2142.
