Since yesterday, the GBP/USD exchange rate has been testing the lower line of the rising wedge pattern.
From a theoretical point of view, it is likely that the currency pair could bounce off the lower pattern line and trade upwards within the following trading session. The pair could target the resistance level—the weekly R1 at 1.3779.
Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs near 1.3700. Thus, a breakout south could occur, and the rate could decline to the weekly S1 at 1.3629.
