As apparent on the chart, on Wednesday, the GBP/USD exchange rate tried to surpass the resistance line located at 1.3119.
Given, that the rate is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1.3067/1.3089 range, it is expected, that rate trades sideways between the weekly PP at 1.3075 and the given resistance line.
If the given support cluster does not hold, it is likely, that some downside potential prevails in the market, and currency pair tries to surpass the psychological level at the 1.3040 mark.
