Yesterday, the GBP/USD exchange rate tried to surpass the 1.150 level. During Friday morning, the rate raised to the resistance formed by the 100-hour SMA near 1.1900.
If the given moving average holds, it is likely that bears could prevail in the market. In this case the currency pair could decline below the 1.1500 level.
However, the pair could gain support from the 55-hour SMA near 1.1700 and trade sideways in the nearest future.
It is unlikely that bulls could prevail, and the exchange rate could exceed the monthly S3 at 1.2178.
