Yesterday, the GBP/USD exchange rate breached the medium-term descending channel north and tested the weekly R1 at 1.2593. During Wednesday morning, the rate declined to the 55-hour SMA neat 1.2520.

If the given moving average holds, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could re-test the predetermined resistance level.

Otherwise, it is likely that the exchange rate could continue to trade downwards in the nearest future. In this case the rate could gain support from the Fibo 50.00%, the weekly PP and the 200-hour SMA near 1.2420.

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