Yesterday, the GBP/USD exchange rate reversed south from the resistance level—the weekly R2 at 1.3402.
It is likely that some upside potential could prevail in the market due to the support area formed by the 55– and 100-hour SMAs, as well the weekly R1 in the 1.3290/1.3344 range.
However, if the predetermined resistance level holds, some downside potential could prevail in the market. In this case the currency pair could decline to the support formed by the 200-hour SMA and the weekly PP near 1.3250.
