Yesterday, the GBP/USD exchange rate tried to surpass the weekly PP at 1.2318. During Tuesday morning, the rate tested the upper boundary of the short-term descending channel.
From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the currency pair could target the Fibo 38.20% at 1.2190.
Otherwise, the exchange rate could gain support from the 55-hour SMA near 1.2280 and break the upper channel line and go up. Note that the rate would have to surpass the monthly PP at 1.2345. If the given level holds, the rate could consolidate in the short run.