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GBP/USD Testing The Lower Trend-Line

The British pound sterling is also on track to post declines following a period of consolidation since last week.

Price action is currently testing the lower trendline of the ascending wedge pattern. A continuation to the downside could potentially open the way for the GBPUSD to test the 1.3500 level of support.

However, for this to materialize, the GBPUSD will need to post a convincing breakdown lower.

Given that price action closed rather flat on a weekly basis, a bearish close this week could potentially strengthen the downside bias.

This could mean that the cable could be looking to post further declines in the medium-term outlook.

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