Friday’s trading session ended with a 39-pip loss for the GBP/USD exchange rate. Further decline below the 1.3850 mark was limited by the combined support of the 55– and 100-hour SMAs. Even though the Sterling breached the prevailing short-term channel, it remained near the former until early Monday.
Technical indicators suggest that the price could fluctuate without any notable leaps today. However, it is more likely that the Pound tries to regain some of loses which occurred on Friday. A possible upside target could be the weekly R1 at 1.3959, as the upper boundary of a longer-term ascending channel is likewise located near this mark.
