On Monday, the GBP/USD exchange rate reversed south from the resistance level formed by the weekly PP at 1.2090. During today’s morning, the rate was trading at the 1.2060 mark.
Given, that the currency pair is pressured by the 55-hour moving average, currently located at 1.2073. Thus, it is likely, that some downside potential could prevail in the market in the short run. Important level to look out for is the 2018/2019 low located at 1.2020.
On the other hand, the rate could trade sideways, trying to surpass the given resistance. It is unlikely, that the British Pound could appreciate against the Greenback due to the resistance of the 100- and 200-hour SMAs, currently located at 1.2107 and 1.2126 respectively.
