Since Thursday, the GBP/USD exchange rate has been testing the resistance level—the weekly R2 at 1.3170.
If the predetermined resistance level holds, it is likely that a reversal south could occur. In this case the currency pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP and R1 in the 1.2972/1.3062 range.
Otherwise, some upside potential could prevail in the market, and the exchange rate could face the resistance level—the weekly R3 at 1.3260 within the following trading session.
