Will the retracement on the Pound continue?

The GBP/USD has been retracing to the downside during the last few weeks and breaks below the 1.2900 level to reach its 55 day exponential moving average (purple line) around the 1.2829 level. The 1.3000 zone has acted as a good resistance in the past and around mid-May the pair also bounced to the downside from that area. At the moment, the 55 day EMA could act as a support and the GBP/USD may try to bounce to the upside, especially if the probabilities that the Bank of England may raise its interest rates rise during the next few days. The pair may still try to break below the 55 day EMA and reach the 1.2800 level. Below the 1.2800 level, its 200 day exponential moving average (blue line) around the 1.2768 level could act as support, but the levels with the highest probabilities of acting as supports are located at the 1.2700 or the 1.2600 zones. In case of a bullish bounce from the 55 day EMA, the pair may break above the 1.2900 level to try to reach the 1.3000 zone.