The GBP/USD exchange rate continued to trade downwards within the medium-term ascending channel.
From a theoretical point of view, it is likely that the currency pair could re-test the lower channel line circa 1.2960 in the short term. If the given channel holds, the pair could reverse north and target the 1.3100 mark.
However, if the predetermined trend does not hold, it is likely that the exchange rate could target the support level formed by the weekly S1 at the 1.2911 level.
