During the previous trading session, the GBP/USD exchange rate traded sideways between the 1.2700 level and the weekly PP at 1.2669.
Note, that the rate is pressured by the 55– and 100-hour SMAs, currently located circa 1.2710. Thus, it is unlikely, that some upside potential could prevail in the market.
It is expected, that the currency pair could continue to trade sideways between the given resistance and support levels in the nearest future.
Also, it is unlikely, that the pair could drop lower than 1.2660 due to the support level formed by the 200-hour SMA.
