Yesterday, the GBP/USD exchange rate touched the 1.3000 level. During Thursday morning, the rate was trading near the weekly PP at 1.2945.
It is likely that the currency pair could gain support from the 55– and 100-hour moving averages in the 1.2900 area and extend gains in the short term. In this case the pair could target the 1.3050 level.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the monthly S2 at 1.2835 in the nearest future.
