Yesterday, the GBP/USD exchange rate declined to the 1.2920 level. During Thursday morning, the rate declined below 1.2900.
On the one hand, it is likely that some downside potential could continue to prevail in the nearest future. In this case the currency pair could target the psychological level at 1.2850.
On the other hand, it is likely that the British Pound could trade sideways against the US Dollar in the 1.2900 area within the following trading session. Also, it is unlikely that bulls could prevail, and the rate could exceed the 1.2980 area due to the resistance of the 55-, 100– and 200-hour SMAs.
