At the end of last week, the GBP/USD exchange rate re-tested the upper boundary of the short-term ascending channel.
From a theoretical perspective, it is likely that some downside potential could prevail in the market, and the currency pair could re-test the lower channel line located circa 1.2940.
In the meantime, the pair could gain support from the weekly PP and the 55-hour moving average in the 1.2980. Thus, the rate could trade upwards along the upper channel line in the short run.
