Yesterday, the GBP/USD exchange rate failed to exceed the resistance level at 1.3700.
Given that the currency pair is pressured by the 55-hour moving average near 1.3660, it is likely that some downside potential could prevail in the market. The pair could target the 1.3550 level.
Meanwhile, note that the exchange rate could gain support from the 100– and 200-hour SMAs, as well the weekly PP in the 1.3610 area. If the given support holds, the rate could consolidate.
