Yesterday, the GBP/USD exchange rate declined to the weekly S1 at 1.2985. During Tuesday morning, the rate surpassed the given level.

Note that the currency pair is pressured by the 55-hour moving average, currently located 1.3022. In this case the pair would have to surpass the support cluster formed by the weekly S2, the monthly S1 and the Fibo 38.20% in the 1.2899/1.2936.

On the other hand, the exchange rate could consolidate near the weekly S1 in the short term. Also, it is unlikely that bulls could prevail in the market, and the rate could exceed the 100-hour SMA, currently located at 1.3052.

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