Since Monday, the GBP/USD exchange rate has been testing the resistance provided by the weekly PP and the 100-hour SMA near 1.3480.
It is likely that the currency pair could gain support from the 55– and 200-hour SMAs near 1.3410. Thus, some upside potential could prevail in the market, and the pair could target the 1.3600 mark.
However, if the predetermined resistance holds, it is likely that the exchange rate could re-test the support level—the weekly S1 at 1.3329. If the given support holds, the rate could trade sideways.
