At the end of last week, the GBP/USD exchange rate tried to surpass the 100-hour SMA near 1.1900. During Monday morning, the rate was trading near 1.1600.
Given that the currency pair is pressured by the 55-hour SMA near 1.1630, it is likely that some downside potential could occur. In this case the pair could decline below the 1.1400 level.
However, if the exchange rate fails to surpass the 1.1500 level, it is likely that the British Pound could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly PP at 1.1838.
