Yesterday, the GBP/USD exchange rate declined to the 1.3270 mark. During Tuesday morning, the rate was testing the support level formed by the 200-hour SMA and the Fibo 50.00% at 1.3196.
If the given support does not hold, it is likely that the British Pound could continue to depreciate against the US Dollar in the short run. In this case the currency pair could gain support from the weekly S1, the monthly R1 and R2 in the 1.3028/1.3115 area.
Otherwise, it is likely that a reversal north could occur in the nearest future. However, note that the pair would have to surpass the resistance cluster formed by the 55– and 100-hour SMAs, as well the weekly PP and the monthly R3 in the 1.3244/1.3349 area.
