GBP/USD analysis: Trades below 1.3240
|GBP/USD
Yesterday, the GBP/USD exchange rate could reverse south from the resistance level—the weekly R1 at 1.3310.
It is likely that the currency pair could be pushed down by the 55– and 100-hour moving averages in the 1.3230/1.3255 area. Note that the nearest support level, formed by the weekly S1, is located at 1.3102.
Meanwhile, note that the exchange rate could gain support from the weekly PP and the 200-hour SMA near 1.3210. Thus, some upside potential could prevail in the market in the short run.
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