At the end of last week, the GBP/USD exchange rate failed to exceed the 1.2660 level. During Monday morning, the rate declined to support formed by the 100-hour SMA and the weekly PP at 1.2590.

If the given support holds, it is likely that some upside potential could prevail in the market, and the currency pair could re-test the 1.2660 mark.

Meanwhile, note that the pair could face the resistance of the 55-hour SMA near 1.2624. Thus, it is likely that some downside potential could prevail. In this case the pair could gain support from the 200-hour SMA, as well the weekly S1 and the monthly PP in the 1.2490/1.2533 area.

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