Yesterday, the GBP/USD exchange rate dropped to the 1.2800 level.
Given that the currency pair is pressured by the 55-hour moving average near 1.2920, it is likely that some downside potential could prevail in the market. Note that the pair could gain support from the monthly S3 and Fibo 61.80% at 1.2700.
If the given support holds, it is likely that the British Pound could trade sideways against the US Dollar within the following trading session.
