Yesterday, the GBP/USD exchange rate breached the short-term descending channel south. During Tuesday morning, the rate was testing the 200-hour SMA near 1.3000.
If the predetermined resistance holds, it is likely that a reversal south could occur. In this case the currency pair could decline to the support level—the monthly PP at 1.2898.
Meanwhile, the pair could gain support from the weekly PP and the monthly R1 circa 1.2975 and trade upwards in the short term. The rate could target the resistance formed by the weekly R1 and the monthly R2 circa 1.3050
