Yesterday, the GPB/USD exchange rate tried to surpass the resistance formed by the 55– and 100-hour SMAs. During Tuesday morning, the rate declined to the lower boundary of the medium-term ascending channel.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could re-test the given resistance.
However, note that the exchange rate could is pressured by the 200-hour moving average. Thus, the British Pound could depreciate against the US Dollar in the short run. A possible downside target is the weekly S1 at 1.2968.
