Yesterday, the GBP/USD exchange rate reversed south from the Fibo 50.00% at 1.3200. During Tuesday morning, the rate was testing the 55-hour SMA near 1.3060.
If the given support holds, it is likely that a reversal north could occur, and the currency pair could try to surpass the given Fibonacci retracement in the short term.
Otherwise, it is likely that the exchange rate could continue to decline within the following trading session. In this case it is unlikely that the rate could decline below the Fibo 38.20% at 1.2922.
