Yesterday, the GBP/USD exchange rate traded downside along the upper boundary of the short-term descending channel located in the 1.2620/1.2640 range.
From a technical perspective, it is unlikely, that a breakout north could occur in the short term, as the rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.2626/1.2667 range.
It is expected, that the currency pair could maintain its decline in the short run, going down along the upper channel line. A potential bearish target is the psychological level at the 1.2580 mark.
