At the end of last week, the GBP/USD exchange rate reversed north from the lower line of the medium-term descending channel.

From a theoretical point of view, it is likely some upside potential could prevail in the market, as the currency pair should target the upper channel line located circa 1.2950.

In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the 55– and 100-hour moving averages located near 1.2750.

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