During Monday, the GBP/USD exchange rate depreciated slightly against the US Dollar. During today's morning, the rate was testing the support provided by the 100-hour SMA at 1.2393.
If the given moving average holds, it is likely that the currency pair could extend gains in the short term. However, note that the pair has to surpass the 55-hour SMA and the monthly R2, located at 1.2438 and 1.2459 respectively.
If the given moving average does not hold, it is likely that the British Pound could continue to decline against the Greenback. Note that the rate could get support of the 200-hour moving average at 1.2357.