During the previous trading session, the GBP/USD exchange rate traded sideways between the weekly S1 and the monthly PP, located at 1.2997 and 1.3033 respectively.
Given that the rate is pressured by the 55-hour moving averages at 1.3017, it is likely, that some downside potential could prevail in the market. In this case, the currency pair could decline to the 1.2960 mark.
However, if the given support level holds, it is expected, that the pair could continue to trade sideways. Technically, it is unlikely, that the rate could surpass the 1.3050 level due to the resistance of the 100– and 200-hour SMAs.
