The GBP/USD currency pair was moving sideways on Tuesday, being restricted by the 55-hour simple moving average from above and the combination of the 100-hour SMA and the monthly pivot point below.
Given that the exchange rate has been trading sideways since yesterday, a breakout either direction is likely to occur within this session. Technical indicators suggest that bears are likely to grow strong.
If and when the aforementioned southern breakout occurs, it is likely to find support at the 200-hour SMA located near the 1.3215 mark.
