On Wednesday, the GBP/USD exchange rate tested the support level—the weekly S1 at 1.3027. During today’s morning, the rate surpassed the given support.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.3053/1.3071 range, it is expected, that the pair steps lower than the psychological level at the 1.3000 mark.
Otherwise, it is likely, that the pair trades sideways around the given support level. It is unlikely, that bulls could prevail in the market in the short term.
