Yesterday, the GBP/USD exchange rate breached the short-term ascending channel south. During today’s morning, the rate tested the 2018/2019 low at 1.2092.
Given that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 1.2150, it is likely, that some downside potential could prevail in the market in the short run.
However, if the given minimum holds, it is expected, that the pair could consolidate in the nearest future. Otherwise, it is likely, that the rate could target the weekly S1 at the 1.2038.
