During the previous trading session, the GBP/USD exchange rate traded sideways at the psychological level at 1.2580. During today’s morning, the rate declined to the 1.2560 level.
It is expected, that the currency pair could continue to decline within the following trading session, as it is pressured by the 55– and 100-hour SMAs, currently located at 1.2578 and 1.2602 respectively. Note, that the pair has to surpass the support level—the monthly S1 at 1.2545.
If the given support level holds, it is expected, that a reversal north could occur. However, it is unlikely, that the rate could exceed the 1.2594 mark due to the resistance level formed by the weekly S2.
