At the end of last week, the GBP/USD exchange rate traded above the 1.2480 level. During Monday morning, the rate was testing the support formed by the 200-hour SMA at 1.2437.
If the given moving average does not hold, it is likely that the British Pound could depreciate against the Greenback. Note, that the rate could could be supported by the weekly S1 located at the 1.2392. mark. If the given support does not hold, the rate could decline to the 1.2350 level.
It is unlikely, that some upside potential could prevail in the market within the following trading session, as the currency pair is pressured by the 55- and 100-hour moving averages, as well the weekly PP located circa 1.2490.
