As apparent on the chart, the GBP/USD exchange rate breached the descending triangle pattern south and pierces the weekly S1 at 1.3506.
It is likely that some downside potential could continue to prevail in the market within the following trading session. Note that the currency pair could gain support from the weekly S2 at 1.3433.
Meanwhile, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the 1.3560/1.3605 area due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
