During the previous trading session, the GBP/USD exchange rate tried to breach the medium-term descending channel north.

From a theoretical point of view, it is expected, that the rate could reverse south and go downwards. However, note, that the currency pair could be supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2613/1.2663 range.

If the given channel does not hold, a breakout north could occur in the nearest future. In this case, a possible upside target is the resistance level located at the 1.2760 mark.

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