Yesterday, the GBP/USD exchange rate broke the lower boundary of the short-term ascending channel.
It is likely that some downside potential could prevail in the market, as the currency pair is pressured by the 200-hour moving average near 1.2960. In this case the pair could target the 1.2850 level.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance level formed by the monthly PP at the 1.3028 mark.
