The GBP/USD exchange rate showed no changes to its positioning on Thursday, thus trading near the monthly S1 and the bottom channel line circa 1.3080 for the whole session.
Technical indicators on the 1H and 4H time-frames demonstrate that the Pound might accelerate from this channel today, thus breaching the 55-hour SMA at 1.3131 and approaching the massive resistance cluster formed by the 100– and 200-hour and 55-period (4H) SMAs near 1.32. Given that this area has been historically significant resistance/support, a move above it is very unlikely.
In case the bearish sentiment takes over the market today, it is expected that the Sterling moves lower along the bottom channel line towards the weekly S1 and a nine-month low of 1.3025.
