At the end of last week, the GBP/USD exchange rate touched the 1.3140 level. During Monday morning, the rate was testing the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP circa 1.3075.
If the given support holds, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could face the resistance level formed by the weekly R1 at 1.3152.
Otherwise, it is likely that some downside potential could prevail in the market in the nearest future, and the exchange rate could re-test the lower line of the medium-term ascending channel circa 1.3030.
