Yesterday, the GBP/USD exchange rate dropped to the 1.2900 level. During today’s morning, the rate reversed north.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMA in the 1.2955/1.2980 range, it is likely that some downside potential could prevail in the market.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance level formed by the monthly PP located at the 1.3028 mark.
