During last trading session, the GBP/USD exchange rate tried to surpass the resistance level formed by the 55-hour SMA at 1.3090. During Monday morning, the rate was trading below 1.3040.
Note that the currency pair is still pressured by the 55-hour SMA. Thus, it is likely that some downside potential could prevail in the market. In this case the pair could gain support of the weekly S1 at 1.2985.
On the other hand, the exchange rate could surpass the given resistance and go upwards. However, it is unlikely that the rate could exceed 1.3100 level due to the resistance formed by the 100-hour SMA, as well the weekly PP.
