Yesterday, the GBP/USD exchange rate failed to decline below the 1.2800 level. During Thursday morning, the rate was trading at 1.3300.
It is likely that some downside potential could prevail in the market in the short term, as the currency pair could face the resistance formed by the 55– and 100-hour SMAs in the 1.3360 area.
In the meantime, note that the pair could gain support from the weekly and monthly PPs, as well the 200-hour SMA at 1.3250. If the given support holds, it is likely that the rate could trade sideways.
