At the end of last week, the GBP/USD exchange rate raised to the resistance level—the 200-hour SMA at 1.2980. During Monday morning, the rate declined to 1.2900.
Note that the currency pair is pressured by the 100-hour SMA near 1.2940. Thus, some downside potential could prevail in the market. In this case the pair could gain support of the weekly S1 at 1.2858.
On the other hand, the exchange rate could reverse north from the 1.2880 level in the nearest future. In this case it is unlikely that the rate could exceed the 200-hour SMA.
