Yesterday, the GBP/USD exchange rate pierced the upper line of the medium-term descending channel, however, the rate failed to exceed 1.2500. During Tuesday morning, the rate was trading at 1.2470.

Given that the currency pair is pressured by the 55– and 100-hour moving averages near 1.2480, it is likely that some downside potential could prevail in the market.

Note that the pair could gain support from the 200-hour SMA, the Fibo 50.00% and the weekly PP at 1.2420. If the given support holds, it is likely that the rate could consolidate in the short run.

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