Yesterday, the GBP/USD exchange rate jumped to the resistance level formed by the weekly R1 at 1.2923.

It is likely that the currency pair could gain support from the monthly S2 at 1.2835 and re-test the upper line of the medium-term descending channel circa 1.2950. If the given channel holds, a reversal south could follow.

In the meantime, if the predetermined resistance and support levels hold, it is likely that the exchange rate could trade sideways within the following trading session.

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