During Friday, the GBP/USD exchange rate reversed north from the 2018/2019 minimum located at 1.2488. During today’s morning, the rate was trading near the 1.2540 level.
It is unlikely, that the currency pair could surpass the 1.2545/1.2574 range due to the resistance cluster formed by the 55– and 100-hour SMAs, as well the monthly S1 and the weekly PP.
If the given cluster holds, it is expected, that the pair could reverse south on the nearest future to re-test the given minimum.
Also, it is unlikely, that the British Pound could exceed the 1.2600 mark against the US Dollar due to the upper boundary of the short-term descending channel
