During the early hours of Monday’s London trading session, the GBP/USD had retreated down to the technical support levels near 1.2545.
In general, the rate was expected to be strengthened by the 55-hour simple moving average and move upwards to the resistance of the weekly R1 at 1.2627.
On the other hand, it is possible that a solo moving average will not have enough strength to push the rate upwards, as it can be observed that the 200-hour SMA was broken by the rate.
