GBP/USD Analysis: Could reach the weekly S1


Yesterday, the GBP/USD exchange rate slipped to the psychological level at the 1.3040 mark.  

Given that the rate is pressured by the 55-, 100– and 200-hour SMAs, currently located circa 1.3080, it is expected, that some bearish momentum prevails in the market. A possible downside target is the weekly S1 at 1.3027. 

Otherwise, it is likely, that the currency pair trades sideways between the psychological levels, located at 1.3040 and 1.3060 respectively. 

Also, some volatility could occur in the market, driven by the speech of the Governor of the Bank of England, Mark Carney, at 13:00 GMT.



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