Last week, the GBP/USD exchange rate failed to exceed the 1.3000 level. During Monday morning, the rate tumbled to the monthly S2 at 1.2835.

If the given support level holds, it is likely that the currency pair could reverse north in the nearest future. Note that the pair could face the resistance range formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2902/1.2949 area.

Otherwise, it is likely that the exchange rate could continue to depreciate. In this case the rate would have to exceed the weekly S1 located at the 1.2797 level.

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