Yesterday, the GBP/USD exchange rate increased to the 1.2900 mark. During Tuesday morning, the rate was trading at the given level.

It is likely that the currency pair could gain support from the 55-hour moving average near 1.2840 and trade upwards in the short run. A possible upside target is the 200-hour SMA near 1.3030.

Meanwhile, note that the exchange rate would have to exceed the weekly PP at 1.2945. If the given resistance level holds, it is likely that the rate could trade sideways in the nearest future.

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