During last trading session, the GBP/USD exchange rate failed to breach the medium-term ascending channel. During Monday morning, the rate was testing support provided by the 200-hour SMA at 1.3061.
Note that the currency pair is pressured by the 55-hour moving average. Thus, it is likely that some downside potential could prevail, and the pair could re-test the lower channel line located circa 1.3020. If the given channel does not hold, the pair could target the weekly S1 at 1.2968.
However, if the given support holds, it is likely that the British Pound could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the psychological level at 1.3140.
