During the previous trading session, the GBP/USD exchange rate tested the weekly PP at 1.2574. During today’s morning, the pair was testing the resistance level formed by the 200-hour SMA and the monthly S1 at 1.2545.
If the given resistance holds, it is expected, that a reversal south could occur in the nearest future. However, note, that the currency pair could be supported by the 55– and 100-hour SMAs, currently located circa 1.2500.
If the given support does not hold, the rate could decline to the psychological level at 1.2480.
Otherwise, it is likely, that the pair could try to surpass the weekly PP within the following trading hours.
