Yesterday, the GBP/USD exchange rate reversed south from the upper boundary of the medium-term descending channel at 1.3020. During Wednesday morning, the rate dropped to 1.2940.
From the one hand, the currency pair could gain support from the 100-hour SMA neat 1.2940 and reverse north. In this case the pair could re-test the upper channel line.
From the other hand, the exchange rate could be pressured by the 55– and 200-hour SMAs to the 1.2880 level. However, note that the rate would have to surpass the Fibo 38.20% at 1.2918
