During the previous trading sessions, the GBP/USD exchange rate tried to surpass the support level formed by the weekly S1 at 1.2997.
Note, that the rate is pressured by the monthly PP at the 1.3033 mark. Thus, if the given resistance and support holds, it is likely, that the rate could trade sideways in the short term.
Also, note, that the currency pair is pressured by the 55– and 200-hour SMAs located circa 1.3045. Thus, is the given support does not hold, it is expected, that bears could prevail in the market. A possible downside target is the Fibonacci 23.90% retracement at 1.2938.
