Yesterday, the GBP/USD exchange rate breached the short-term ascending channel south. During Thursday morning, the rate was trading in the 1.2450 area.
Note that the currency pair is pressured by the 55– and 100-hour SMAs in the 1.2550 area. Thus, some downside potential could prevail in the market, and the pair could decline below 1.2400.
However, note that the exchange rate could gain support from the 200-hour SMA and the Fibo 50.00% at 1.2418. If the given support holds, it is likely that the rate could trade sideways.
