During the end of last week, the GBP/USD exchange rate re-tested the 1.3200 level. During Monday morning, the rate pierced the given level.
Given that the currency pair is pressured by the 55-hour moving average near 1.3265, it is likely that some downside potential could prevail in the market, and the pair could target the monthly S1 at 1.3103.
In the meantime, note that the exchange rate could gain support from the weekly S1 at 1.3145. If the given support level holds, it is likely that the rate could trade sideways in the short run.
