Yesterday, the GBP/USD exchange rate broke the short-term descending channel. During Tuesday morning, the rate raised to 1.2700.
It is likely that the currency pair could gain support from the weekly R1 at 1.2664 and extend gains in the short run. In this case the pair could try to surpass the weekly R2 at 1.2758.
Meanwhile, note that the exchange rate would have to exceed the monthly R1 at 1.2727. If the given level holds, it is likely that the rate could trade sideways in the nearest future.
