Yesterday, the GBP/USD exchange rate breached the short-term descending channel north and skyrocketed to 1.3700.
It is likely that the currency pair could gain support from the weekly R1 at 1.3676 and continue to extend gains in the short term. The pair could target the resistance level—the weekly R2 at 1.3776.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could drop below 1.3580/1.3605 area due to the support formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
