At the end of last week, the GBP/USD exchange rate reversed south from the resistance formed by the Fibo 61.80% and the 200-hour SMA at 1.2646. During Monday morning, the rate tried to exceed 1.2550.
It is likely that the currency pair could remain under pressure of the 55-hour SMA near 1.2585, thus, it could continue to decline. Note that the pair could gain support from the Fibo 50.00% and the weekly S1 at 1.2418.
On the other hand, it is likely that the exchange rate could re-test the given resistance and reverse south in the nearest future.
