During last trading session, the GBP/USD exchange rate tested the support provided by the 200-hour SMA at 1.3060. During Monday morning, the rate was testing the resistance formed by the weekly PP, as well the 55– and 100-hour SMAs in the 1.3140 area.
From the one hand, it is likely that the currency pair could trade sideways between the given resistance and support in the nearest future.
However, if the given resistance does not hold, the rate could continue to go upwards. Note that the pair could face the resistance of the Fibo 50.00% at 1.3196.
It is unlikely that bears could prevail, and the currency pair could drop lower than the weekly S1 at 1.2997.
