Yesterday, the GBP/USD exchange rate tried to breach the short-term descending channel south. During today’s morning, the rate declined to the 1.2560 mark.
It is expected, that some downside potential could continue to prevail in the market in the short term. In this case, the currency pair could decline to the support level formed by the monthly S1 at the 1.2545 mark.
On the other hand, the pair could trade sideways around the weekly S2 located at the 1.2594 mark.
It is unlikely, that the British Pound could exceed the 1.2660 level against the US Dollar, as the rate is pressured by the 55– and 100-hour SMAs, as well the weekly S1 and the monthly PP.
