On Thursday, the GBP/USD exchange rate traded sideways around the monthly PP at the 1.3033 mark.
Given that the rate is trading near the lower boundary of the short-term ascending channel at 1.3020, it is expected, that a reversal north could occur in the nearest future. In this case, the pair has to surpass the resistance formed by the 55-hour SMA at 1.3049.
However, if the given resistance holds, it is likely, that the exchange rate could trade sideways between the given SMA and the weekly R1 at 1.3006. It is unlikely, that bears could prevail in the market, and the British Pound could decline lower than the 200-hour SMA at 1.2970.
