On Wednesday, the GBP/USD broke the support of the previously drawn ascending channel pattern and the combined technical support of the 200-hour simple moving average and a pivot point near 1.3030.
By the middle of the day’s London trading session the pair was about to test the support of the weekly S1 at 1.2997 and the psychological support that the 1.3000 level provides.
If this level gets passed, the rate could fall down to the 1.2940 level, where a Fibonacci retracement level is located at.
