At the end of last week, the GBP/USD exchange rate re-tested the lower boundary of the short-term descending channel at 1.2770. During Monday morning, the rate was trading at the 1.2800 mark.
It is unlikely that some upside potential could prevail in the market, as the currency pair is pressured by the 55–hour SMA at 1.2814. Thus, the British Pound could depreciate against the US Dollar within the given trend in the short run.
On the other hand, the exchange rate could trade sideways at the 1.2800 mark within the following trading session. Also, it is unlikely that the given resistance does not hold, and the rate could exceed the weekly PP at 1.2832.
