The GBP/USD exchange rate bounced off the resistance level at 1.3700 and dropped below 1.3550.
It is likely that some downside potential could prevail in the market, and the currency pair could test the weekly S1 at 1.3457. If the given support holds, the pair could reverse north.
In the meantime, it is unlikely that some upside potential could prevail in the market in the short term due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3584/1.3636 range.
