Since Thursday, the GBP/USD exchange rate has been testing the 1.2960 level.
It is likely that the currency pair could gain support from the 55-, 100– and 200-hour SMAs in the 1.2920 area, thus, some upside potential could prevail in the market. In this case the pair could target the resistance level formed by the weekly R1 and the monthly PP at 1.3028.
However, if the short-term ascending channel does not hold, it is likely that some downside potential could prevail in the market, and the exchange rate could target the 1.2840 mark.
