GBP/USD Analysis: Supported By 55– And 100-Hour SMAs

Since yesterday, the GBP/USD exchange rate has been piercing the upper line of the medium-term descending channel.

Given that the currency pair is supported by the 55– and 100-hour SMAs in the 1.2880 area, it is likely that some upside potential could prevail in the market. Note that the pair could face the resistance formed by the monthly PP at 1.3028.

If the given resistance level holds, it is likely that the British Pound could trade sideways against the US Dollar within the following trading session.