During previous trading session, the GBP/USD exchange rate tumbled to the psychological level at 1.2440. During Friday’s morning, the rate traded at the given level.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.2470, it is likely, that some downside potential could prevail in the market. However, note, that the rate has to surpass the support level at the 1.2426 mark.
If the given support level does not hold, it is expected, that the pair could decline to the weekly S1 at 1.24026. Otherwise, the rate could trade sideways between the given resistance and support.
