Yesterday, the GBP/USD exchange rate traded between the 55– and 100-hour SMAs. During Tuesday morning, the rate was squeezed by the given moving averages.

From the one hand, it is likely that bulls could prevail in the market, and the currency pair could try to exceed the psychological level at 1.3150 in the short run.

On the other hand, the pair could be pushed down by the 55-hour SMA. Meanwhile, note that the rate could gain support from the weekly PP at 1.3013. If the given level holds, it is likely that the pair could consolidate.

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