The GBP/USD exchange rate has broken the upper boundary of the medium-term descending channel.
Given that the currency pair is supported by the 55– and 100-hour SMAs, as well the weekly PP in the 1.2900, it is likely that some upside potential could prevail in the market. The pair could target the resistance level formed by the weekly R1 and the monthly PP at 1.3028.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the support formed by the 200-hour SMA and the weekly S1 in the 1.2820 area.
