On Friday, the GBP/USD exchange rate traded sideways around the 1.3040 mark within the short-term ascending channel.
Given that the rate is pressured by the 100-hour SMA and monthly PP at 1.3033, it is likely, that some downside potential could prevail in the market. The currency pair could decline to the 1.2980 level.
However, if the given channel holds, it is expected, that the pair could rise to its upper line located circa 1.3050. It is unlikely, that a breakout north could occur due to the resistance level formed by the 200-hour SMA and the weekly PP at 1.3047.
