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During Friday morning hours, the GBP/USD exchange rate tumbled below 1.3250.

It is likely that the currency pair could gain support from the weekly S2 at 1.3174 and reverse north in the nearest future. Note that the pair could face the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 in the 1.3310/1.3380 range.

However, if the predetermined support level does not hold, the exchange rate could continue to decline in the short term. In this case the rate could target the psychological level at 1.3100.