Yesterday, the GBP/USD exchange rate reversed south from the resistance level—the weekly R1 at 1.3431.
It is likely that some downside potential could prevail in the market, as the currency pair is pressured by the 100– and 200-hour SMAs in the 1.3350 area. The pair could target the 1.3150 mark.
In the meantime, note that the exchange rate could gain support from the weekly PP and the 55-hour SMA near 1.3300. Thus, the rate could re-test the predetermined resistance level.
