GBP/USD Remains Below 1.3440

Yesterday, the GBP/USD exchange rate reversed north from the psychological level at 1.3300.

It is likely that some upside potential could prevail in the market due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.3360/3391 range. The rate could face the resistance level—the weekly R2 at 1.3462.

If the predetermined resistance level holds, the currency pair could reverse south and target the weekly PP located at 1.3328.