Yesterday, the GBP/USD exchange rate revealed a short-term ascending channel. During Thursday morning, the rate reversed north from the lower channel line.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the currency pair could reach the weekly R1 at 1.2823.
Meanwhile, note that the pair could remain under pressure of the 55– and 100-hour SMAs near 1.2700. Note that the rate could gain support from the weekly PP, the monthly R1, the Fibo 61.80% and the 200-hour SMA in the 1.2576/1.2646 range.
