Since Tuesday, the GBP/USD exchange rate has been testing the weekly R1 at 1.3270.
It is likely that the currency pair could gain support from the 55– and 100-hour moving averages in the 1.3200 area and trade upwards in the short term. In this case the pair could try to exceed the weekly R2 at 1.3386.
However, if the predetermined resistance level holds, the exchange rate could reverse south in the nearest future. The rate could target the support level formed by the weekly PP and the 200-hour SMA at 1.3062.
