The GBP/USD exchange rate was trading sideways for the whole session on Wednesday. The upside was restricted by the monthly PP near 1.3440, while support was provided by the weekly R1 at 1.3408.
The pair is trading near the upper boundaries of two short-term channels. This might point to soon decline. However, it is expected that the Pound still edges slightly higher during the first part of the day up until the 1.35 mark. Bears should subsequently lead the rate back down to the 55– and 100-hour SMAs near 1.3350.
As apparent on the daily chart, the general tendency for the following trading sessions should be north until the 200-day SMA at 1.36, at least, is reached.
