Yesterday, the GBP/USD exchange rate pierced the weekly PP at 1.3013, however, reversed north. During Wednesday morning, the rate was trading at 1.3100.

It is likely that the currency pair could gain support from the 55– and 100-hour SMAs near 1.3070 and trade upwards in the short run. In this case the pair could try to exceed the psychological level at 1.3150.

If the given level holds, it is likely that the British Pound could trade sideways against the US Dollar in the nearest future. Otherwise, it is likely that the rate could re-test the 2020 high at 1.3213.

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