Yesterday, the GBP/USD exchange rate traded sideways between the monthly PP and the weekly R2, located at 1.3033 and 1.3090 respectively.
If the given support and resistance hold, it is expected, that the rate continues to trade sideways in the short term. However, note, that some volatility might occur in the market due to the UK Official Bank Rate release today at 11:00 GMT.
On the other hand, the currency pair could use the support of the 55-hour SMA at 1.3036 and breach the given resistance. In this case, the pair could reach the resistance level at 1.3119.
It is unlikely, that bears could prevail in the market, and the British Pound could drop lower than the weekly R1 at 1.3006.
