Yesterday, the GBP/USD exchange rate reversed south from the 1.3450 level. During Thursday morning, the rate was testing the support level – the weekly S1 at 1.3310.
If the predetermined support level holds, it is likely that the currency pair could reverse north and try to exceed 1.3450 within the following trading session.
In the meantime, note that the pair would have to exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in 1.3370/1.3425. If the given resistance holds, some downside potential could prevail
