At the previous trading session, the GBP/USD exchange rate declined to the 1.3350 level. During Monday morning, the rate was trading at the given level.
It is likely that the currency pair could gain support of the 55-hour SMA, as well the weekly PP at 1.3303 and reverse north in the nearest future. A possible upside target is the resistance level –the Fibo 61.80% at 1.3475.
However, if the given support does not hold, the British Pound could continue to depreciate against the US Dollar in the short run. In this case, the rate could gain support of the 100– and 200-hour SMAs, as well the monthly R3 and the Fibo 50.00% in the 1.3187/1.3244 area.
