On Tuesday, the GBP/USD exchange rate declined to the Fibo 23.90% at 1.12938. During Wednesday’s morning, the rate started to test the lower boundary of the falling wedge pattern at 1.2920.
If the given pattern holds, is expected, that the currency pair reverses north and targets the 55– and 100-hour SMAs, currently located circa 1.2980. However, the pair has to surpass the weekly S1 at 1.2948.
If the given pattern does not hold, a breakout north occurs in the nearest future. In this case, the pair could target the weekly S2 located at the 1.2894 mark.
