During Tuesday morning hours, the GBP/USD exchange rate bounced off the lower line of the rising wedge pattern at 1.3610.
From a theoretical point of view, it is likely that the currency pair could extend gains within the predetermined pattern in the short term. The pair could target the upper pattern line circa 1.3740.
In the meantime, note that the exchange rate would have to exceed the resistance provided by the 55– and 100-hour SMAs near 1.3680. If the given resistance holds, the rate could breach the pattern south.
