The GBP/USD exchange rate has revealed a short-term ascending channel.
From a theoretical perspective, it is likely that some upside potential could prevail in the market, as the currency pair should target the upper channel boundary located circa 1.3020.
Meanwhile, note that the exchange rate is pressured by the 55– and 100-hour moving averages in the 1.2940 area. Thus, a breakout south could occur, and the rate could target the weekly S1 at 1.2801
