During the end of last week, the GBP/USD exchange rate broke the lower line of the falling wedge pattern. During Monday morning, the rate was trading at 1.2110.
Note that the currency pair remains under pressure of the 55– and 100-hour SMAs in the 1.2200 area. Thus, some downside potential could prevail in the market, and the pair could decline below the 1.2100 level.
However, if the given level holds, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.
Also, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the weekly PP at 1.2218.
