Yesterday, the GBP/USD exchange rate raised to the 1.3000 level. During Wednesday morning, the rate jumped to the 1.3060 level.
Given that the currency pair is supported by the 55-, 100– and 200-hour moving averages, it is likely that some upside potential could prevail in the market. Note that the pair could face resistance of the weekly R3 and the monthly R2 at 1.3115.
On the other hand, the exchange rate could reverse south in the nearest future. In this case the rate could gain support of the weekly R1 at 1.2985. Also, it is unlikely that the rate could surpass the monthly PP at 1.2898.
