On Wednesday, the GBP/USD exchange rate revealed a medium-term ascending channel. During today’s morning, the rate was trading at 1.2260.

Note that the currency pair is squeezed by the 55-, 100– and 200-hour moving averages, located near 1.2235 and 1.2290. Thus, it is likely that the pair could trade sideways in the short term.

Meanwhile, from a theoretical point of view, it is likely that some upside potential could prevail in the market. Note that the rate would have to surpass the resistance formed by the weekly R1 and the monthly S1 at 1.2290.

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