Yesterday, the GBP/USD exchange rate tested the resistance provided by the 100-hour SMA near 1.3070. During Wednesday morning, the rate pierced the lower line of the medium-term ascending channel.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could re-test the predetermined resistance.
If the given channel does not hold, it is likely some downside potential could prevail in the market, and the exchange rate could target the weekly S1 at the 1.2911 mark.