The GBP/USD exchange rate has revealed a medium-term descending channel.

From a theoretical perspective, it is likely that some upside potential could prevail in the market, as the currency pair should target the upper channel line circa 1.2980. Note that the pair would have to exceed the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2900 area.

In the meantime, note that the exchange rate remains under pressure of the monthly S2 at 1.2835. If the given resistance level holds, it is likely that the rate could trade downwards along the lower channel line.

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