At the end of last week, the GBP/USD exchange rate failed to exceed the 1.3150. During today’s morning, the rate was testing the 55-hour SMA near 1.3080.

If the given moving average holds, it is likely that some upside potential could prevail in the market. In this case the currency pair could re-test the 2020 high at 1.3213.

Otherwise, it is likely that some downside potential could prevail in the market, and the pair could target the 1.2950 level. Meanwhile, note that the rate could gain support from the weekly PP and the 100-hour SMA at 1.3013.

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