At the end of the previous trading week, the GBP/USD exchange rate tried to surpass the psychological level at 1.2160. During Monday’s morning, the rate declined to the support level formed by the 55-hour SMA and the weekly PP at 1.2114.
Note, that the currency pair is also supported by the 100– and 200-hour SMAs, currently located circa 1.2100. Thus, if the given support holds, is likely, that a reversal north could occur, and the pair could re-test the given psychological level.
Otherwise, it is likely, that the British Pound could depreciate against the US Dollar, and the rate could decline to the psychological level at the 1.2080 mark.
