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GBP/USD Analysis: Stable On Tuesday Morning

After breaching the weekly PP at 1.3019, GBPUSD tried to push above the 1.3060 mark. This attempt was unsuccessful which led to the rate re-testing the aforementioned level on several occasions. Technical indicators suggest that bearish sentiment may prevail in this session. However, the Pounds faces a strong support cluster formed by the 200-, 100– and 55-hour SMAs circa 1.3001. This area has to be surpassed in order to continue approaching the bottom wedge boundary. In case the pair fails to do so, it is likely that the British currency reaches the weekly R1 at 1.3104 by Wednesday morning.

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