Yesterday, the GBP/USD exchange rate tried to surpass the weekly S1 at 1.2395. During Friday morning, the rate declined below the monthly PP at 1.2345.
It is likely that the currency pair could be pushed down to the 55– and 100-hour SMAs, located in 1.2345 area. Thus, some downside potential could prevail in the market.
Note that the pair could gain support from the weekly S2 at 1.2281. If the given level holds, it is likely that a reversal north could occur, and the pair could re-test the weekly S1. Otherwise, it is likely that the exchange rate could decline below the 1.2250 level.
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