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Yesterday, the GBP/USD exchange rate tested the resistance level—the weekly R2 at 1.2758. During Friday morning, the rate continued to test the given resistance.

Given that the currency pair is supported by the 55-hour SMA and the monthly R1 at 1.2727, it is likely that some upside potential could prevail in the market, and the pair could breach the medium-term ascending channel north.

However, if the predetermined channel holds, it is likely that the exchange rate could trade along its upper boundary.

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Also, it is unlikely that bears could prevail, and the rate could decline below the Fibo 61.80% at 1.2646