Since Monday, the GBP/USD exchange rate has been extending gains. The rate has already reached the 1.3000 level.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs in the 1.2930 area and continue to trade upwards. Note that the pair could face the resistance level formed by the weekly R1 and the monthly PP at 1.3028.
If the predetermined resistance level holds, the British Pound could trade sideways against the US Dollar within the following trading session. Otherwise, the pair could target 1.3100.
