Yesterday, the GBP/USD exchange rate declined to the weekly PP at 1.2997. During Tuesday morning, the rate reversed north from the 200-hour SMA near 1.2970.
Note that the currency pair faced the resistance provided by the 55-hour SMA near 1.3020. If the given resistance holds, it is likely that a reversal south could occur. In this case the pair could re-test the 200-hour SMA.
On the other hand, the exchange rate could gain support of the 100-hour SMA and trade upwards in the nearest future. In this case the rate could target the 1.3080 level.
