Yesterday, the GBP/USD currency pair reversed north from the lower boundary of the falling wedge pattern at 1.2880. During today’s morning, the pair tested the resistance of the 55-hour SMA at 1.2910.
If the given simple average holds, it is likely, that the exchange rate reverses south and re-rests the lower pattern line. It is unlikely, that a breakout south could occur, as the pair is supported by the monthly S1 at 1.2872.
If the given resistance level does not hold, it is expected, that some upside potential prevails in the market. However, the rate has to surpass the resistance level formed by the 100-hour SMA, the Fibo 23.90% and the weekly S1 at 1.2947.
