Yesterday, the GBP/USD exchange rate tested the support level—the weekly S1 at 1.2254. During Tuesday morning, the rate was trading near the given level.

If the predetermined support holds, it is likely that a reversal north could occur. Meanwhile, it is unlikely that the currency pair could exceed the weekly PP at 1.2399.

On the other hand, the exchange rate could remain under pressure of the 55-hour SMA near 1.2335. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the Fibo 38.20% and the weekly S2 near 1.2180.

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