GBP/USD Tests 100-Hour SMA

Yesterday, the GBP/USD exchange rate tested the 100-hour SMA near 1.3100. During Tuesday morning, the rate continued to test the given resistance.

It is likely that the currency pair could gain support from the 200-hour moving average near 1.3090 and trade upwards in the nearest future. In this case the pair could target the weekly R1 at 1.3166.

Meanwhile, if the predetermined resistance holds, it is likely that a reversal south could occur, and the currency pair could re-test the psychological level at 1.3020.