The GBP/USD exchange rate reversed south from the upper boundary of the medium-term descending channel.
From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the currency pair should target the lower channel line circa 1.2685.
Meanwhile, note that the pair could gain support from the 200-hour moving average and the weekly PP at 1.2800. Thus, the rate could reverse south and re-test the upper channel line.
