Slight upward momentum was apparent for the GBP/USD exchange rate on Wednesday. The pair was hindered slightly by the 55-hour SMA, but this line together with the upper channel boundary were eventually breached to the upside.
The Pound is still showing some upside potential today, especially given that the strong two-week resistance set by the aforementioned SMA was breached. Gains today should be capped near the 1.3360 mark, as traders may luck the necessary bullish momentum to breach the 200-hour and 200-period (4H) SMAs located near this level. In line with this scenario, the pair would be supported by the 55-hour moving average.
In case this line is breached to the downside, the daily low should be located at the weekly S1 at 1.3232.
