During previous trading day, the GBP/USD exchange rate raise to the Fibo 50.00% at 1.3196. During Monday morning, the rate reversed south.
Note that the currency pair could gain support of the 100– and 200-hour SMAs, currently located circa 1.3080. Thus, some upside potential could prevail in the market, and the pair could re-test the given Fibonacci retracement.
On the other hand, the exchange rate could face the resistance formed by the weekly and monthly PPs circa 1.3140 and trade downwards in the short term. In this case the rate could reach the monthly S1 at 1.3021.
