Very similarly to the EUR/USD the GBP/USD pair has retraced back up to the medium term resistance line. Due to that reason it was of utmost importance on Tuesday to watch whether or not the combined resistance level near the trend line will hold its ground.
The cluster consists of the trend line, weekly PP and the 200-hour SMA. These levels combined would begin providing support, if the cluster is broken.
Meanwhile, if the resistance holds its ground, the rate could decline down to the 55-hour SMA near 1.3155.
