At the end of last week, the GBP/USD exchange rate declined to the 1.3050 level. During Monday morning, the rate was testing the resistance formed by the 200-hour SMA and the weekly PP at 1.3075.
It is likely that the currency pair could face the resistance provided by the 55– and 100-hour SMAs near 1.3100. Thus, it is likely that some downside potential could prevail in the market, and the pair could target the weekly S1 at 1.2962.
Meanwhile, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the weekly R1 located at the 1.3166 mark.