Yesterday, the GBP/USD exchange rate tried to surpass the support level formed by the weekly S2 at 1.2036. During Tuesday morning, the rate declined below 1.2000.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.2121/1.2199 range, it is likely that bears could prevail in the market in the short run. Note that the pair could face the support of the weekly S3 at 1.1932.
It is unlikely that some upside potential could prevail in the market, and the British Pound could exceed the weekly S1 at 1.2102 against the US Dollar. Also, it is unlikely, that the rate could drop lower than the monthly S2 at 1.1870.
