Yesterday, the GBP/USD exchange rate reversed north from the support level formed by the 200-hour SMA and the weekly PP near 1.3200.
Given that the currency pair could gain support from the 55– and 100-hour SMAs in the 1.3250 area, it is likely that some upside potential could prevail in the market.
Meanwhile, note that the pair could face the resistance level—the weekly R1 at 1.3310. If the given resistance level holds, the exchange rate could reverse south and re-test the predetermined support level.
