On Thursday, the GBP/USD exchange rate tested the support cluster formed by the 55-, 100– and 200-hour SMAs in the 1.2661/1.2701 range.

Note, that the rate is trading near the upper boundary of the short-term descending channel located circa 1.2734. Thus, it is unlikely, that some upside potential could prevail in the nearest future.

If the given support cluster holds, it is likely, that the currency pair could trade sideways in the short term.

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On the other hand, some downside potential could prevail in the market. However, it is unlikely, that the pair could drop lower than the 1.2648 mark due to the support of the weekly PP.

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