Since Monday, the GBP/USD exchange rate has been testing the upper boundary of the short-term ascending channel.
From a theoretical point of view, it is likely that a reversal south could occur, and the currency pair could target the lower channel line located circa 1.2940.
However, note that the pair could gain support from the 55-hour SMA and the monthly PP at 1.3028. Thus, a breakout north could occur, and the rate could try to exceed the weekly R1 at 1.3118.
