Yesterday, the GBP/USD exchange rate traded sideways near the monthly S2 at 1.2835.
It is likely that the currency pair could gain support from the 100– and 200-hour moving averages in the 1.2800 area. Thus, the pair could re-test the upper boundary of the medium-term descending channel circa 1.2950.
In the meantime, the exchange rate could face the resistance provided by the 55-hour moving average near 1.2850. Thus, the rate could trade downwards in the short term.
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