Yesterday, the GBP/USD exchange rate raised to the 1.3140 level. During Tuesday morning, the rate exceeded the weekly R1 at 1.3152.
It is likely that some upside potential could prevail in the market, as the currency pair could target the upper line of the medium-term ascending channel. Meanwhile, it is unlikely that a breakout north could occur due to the resistance level—the weekly R2 at 1.3216.
Additionally, it is unlikely that bears could prevail in the market, and the pair could decline below the 1.3079/1.3100 area due to the support range formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
