During the previous trading session, the GBP/USD exchange rate tested the weekly PP at 1.2574. During today’s morning, the pair was testing the resistance level formed by the 200-hour SMA and the monthly S1 at 1.2545.
If the given resistance holds, it is expected, that a reversal south could occur in the nearest future. However, note, that the currency pair could be supported by the 55– and 100-hour SMAs, currently located circa 1.2500.
If the given support does not hold, the rate could decline to the psychological level at 1.2480.
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Otherwise, it is likely, that the pair could try to surpass the weekly PP within the following trading hours.
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