The last four trading sessions have been beneficial for the GBP/USD exchange rate, as it has appreciated 1.90% since July 19. At the time, the pair reversed from the senior channel line and is now moving gradually towards its upper boundary near 1.3250.
As apparent on the chart, this strong bullish momentum has allayed which is caused primarily by the 200-period (4H) SMA being located at 1.3210. This has resulted in a slight movement sideways today right below this line.
It is expected that the pair continues appreciating until the senior channel; however, the aforementioned long-term SMA might postpone this up-move today if no fundamentals strengthen bulls. The daily high is likely to be 1.33, while the daily low— a support cluster at 1.3120.
