Yesterday, the GBP/USD exchange rate breached the medium-term ascending channel south. During Thursday morning, the rate declined to the 1.2750 level.
Note that the currency pair could be pressured by the weekly S1 at 1.2844 and continue to decline in the short term. In this case the pair could target the support level formed by the weekly S2 and the monthly S1 at 1.2636.
However, if the exchange rate fails to surpass the 1.2750 level, it is likely that the British Pound could consolidate against the Greenback in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly PP at 1.2949.
