Yesterday, the GBP/USD exchange rate resumed to trade within the medium-term ascending channel.
From a theoretical point of view, it is likely that some upside potential could prevail in the market. In this case the currency pair could target the psychological level at 1.3100.
Meanwhile, note that the pair is pressured by the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.3015/1.3045 range. Thus, some downside potential could prevail in the market, and the rate could target the weekly S1 at 1.2911.
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