The US Dollar’s continuous weakness resulted in GBP/USD surging up to a three-week high at 1.2828 on Tuesday. Subsequently, the price was not able to overcome the 1.2820 mark and has since traded below the given level. Daily trading indicators signal that there is still some upside potential up to the monthly PP at 1.2903. However, the rate’s minor motion sideways indicates that bears may prevail in this session. In addition, a retracement from the upper channel boundary is still expected. Nevertheless, this scenario might occur only within the following two days if strong downside risks do not set the British currency for a plunge. A more likely lower limit for this session might be the 38.2% Fibo or the monthly S1 at 1.2770 and 1.2758, accordingly.
