Yesterday, the GBP/USD exchange rate reversed south from the 1.3470 level. During Wednesday morning, the rate was testing the 100-hour SMA near 1.3330.
If the given support holds, it is likely that some upside potential could prevail in the market, and the currency pair could try to exceed the weekly R1 located at 1.3456.
In the meantime, note that the rate is pressured by the 55-hour SMA near 1.3380. Thus, it is likely that the pair could decline to the support formed by the weekly and monthly PPs, as well the 200-hour SMA near 1.3240
