Yesterday, the GBP/USD exchange rate exceeded the 1.3380 level. During Tuesday morning, the rate raised to the weekly R1 at 1.3456.
If the given level holds, it is likely that a reversal south could occur, and the exchange rate could target the support formed by the weekly and monthly PPs, as well the 100-hour SMA in the 1.3250 area.
Meanwhile, note that the rate could gain support from the 55-hour moving average near 1.3340. Thus, it is likely that the pair could trade sideways within the following trading session.
