Yesterday, the GBP/USD exchange rate reversed north from the lower line of the medium-term ascending channel. During Thursday morning, the rate was trading at 1.3090.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the currency pair could target the weekly R1 located at 1.3166.
In the meantime, it is unlikely that the exchange rate could trade downwards in the short term due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3060/1.3085 range.
