At the end of last week, the GBP/USD exchange rate declined to the 1.2940 mark. During Monday morning, the rate was trading at the given level.
Note that the currency pair is pressured by the 55-hour SMA at 1.2944. Therefore, some downside potential could prevail in the market. In this case the pair would have to surpass the support cluster formed by the 100- and 200-hour SMAs, as well the Fibo 38.20% and the weekly PP in the 1.2885/1.2918 range.
However, if the given resistance level does not hold, the exchange rate could reverse north in the nearest future. In this case the British Pound could try to exceed the 1.2980 level against the US Dollar.
