Yesterday, the GBP/USD exchange rate reached the 1.3180 mark. During Tuesday morning, the rate was testing the upper boundary of the medium-term descending channel.
From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case the currency pair would have to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3096/1.3155 area.
On the other hand, the exchange rate could continue to test the upper channel line. It is unlikely that a breakout north could occur due to the resistance formed by the Fibo 50.00% at 1.3196.
