Yesterday, the GBP/USD exchange rate jumped to 1.3430. During Wednesday morning hours, the rate reversed south.
It is likely that the currency pair could gain support from the 200-hour SMA and the weekly PP in the 1.3340 area. Thus, some upside potential could prevail in the market in the short term.
In the meantime, note that the exchange rate could be pushed down by the 55– and 100-hour SMAs in the 1.3360 area. Therefore, the rate could continue to decline in the nearest future.
