On Monday, the GBP/USD exchange rate tried to surpass the resistance level formed by the Fibonacci 23.90% retracement and the weekly PP at 1.2936.
During Tuesday’s morning, the rate surpassed the 1.2960 mark. From a technical perspective, it is unlikely, that some upside potential prevails in the market due to the resistance of the upper boundary of the falling wedge pattern located circa 1.2990. However, note, that the rate is supported by the 200-hour SMA at 1.2954.
If the given pattern does not hold, it is expected, that a breakout north could occur in the nearest future, and the currency pair could target the weekly R1 at the 1.3006 mark.
