During Monday morning hours, the GBP/USD exchange rate dropped below the 1.3300 level.
It is likely that the currency pair could gain support from the weekly S2 located at 1.3133. Thus, a reversal north could occur, and the pair could try to exceed the resistance area formed by the weekly S1 and the 200-hour SMA in the 1.3330/1.3410 range.
However, if the predetermined support level does not hold, the exchange rate could continue to trade downwards in the short term. Note that the nearest possible support level—the weekly S3, is located at 1.2984.
