During previous day, the GBP/USD exchange rate tested the resistance level—the 55-hour SMA, currently located at 1.2992.
From a technical perspective, it is unlikely, that the British Pound could appreciate against the Greenback due to the given resistance. The rate could reverse south and target the psychological level at 1.2960.
Otherwise, it is expected, that the currency pair could continue to trade sideways, trying to surpass the given resistance. Also, it is unlikely, that the pair could jump higher than 1.3008 due to the 100-hour SMA.
