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GBP/USD Pressured BY Moving Averages

Yesterday, the GBP/USD exchange rate tried to exceed the 1.2620 level. During Friday morning, the rate was trading at 1.2560.

It is likely that some downside potential could prevail in the market as the currency pair is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2580 area.

Note that the pair could gain support from the weekly S1 and the monthly PP in the 1.2500 area. If the given support holds, it is likely that a reversal south could follow.

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