During previous trading session, the GBP/USD exchange rate declined to the weekly S2 at 1.2894. During Thursday’s morning, the rate tried to surpass the given support.
If the given support holds, the currency pair reverses north. However, it is unlikely, that the pair could rise higher than the 1.2938/1.2964 range due to the resistance cluster formed by the 55– and 100-hour SMAs, as well the Fibo 23.90% and the weekly S1.
If the given support level does not hold, it is expected, that the rate maintains its decline. The nearest support might be the monthly S1 located at the 1.2872 mark.
