Yesterday, the GBP/USD exchange rate touched the 1.3135. Then, the rate reversed south.
It is likely that some downside potential could prevail in the market, as the currency pair is pressured by the 200-hour moving average near 1.3000. In this case the pair could gain support from the weekly S1 at 1.2863.
If the predetermined support level holds, the exchange rate could reverse north. Otherwise, the rate could decline below the psychological level at 1.2850.
