Yesterday, the GBP/USD exchange rate raised to the 1.3160 level. During Wednesday morning, the rate was testing the given level.
It is likely that some upside potential could prevail in the market, as the currency pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3110/1.3140 range. The pair could target the upper line of the short-term descending channel circa 1.3220.
In the meantime, it is unlikely that bears could prevail in the market in the nearest future, and the exchange rate could decline below the lower channel line located circa 1.3040.
