The GBP/USD exchange rate has revealed a rising wedge pattern.
From a theoretical perspective, it is likely that the currency pair could breach the given pattern south in the nearest future. The pair could target the support provided by the weekly S1 and the 200-hour SMA near 1.3500.
Meanwhile, note that the exchange rate could gain support from the 55-hour SMA and the weekly PP in the 1.3600/1.3635 range. Thus, some upside potential could prevail in the market, and the rate could try to exceed the weekly R1 at 1.3765.
