Since Wednesday, the GBP/USD exchange rate has been trading downwards.
It is likely that some downside potential could continue to prevail in the market, as the currency pair could be pushed down by the 55– and 100-hour SMAs in the 1.3200/1.3230 range. The pair could decline to the 200-hour SMA near 1.3100.
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 weekly R1 at 1.3270 in the short run.
