The GBP/USD exchange rate continued to trade downwards, pressured by a descending trend line.
It is likely that the currency pair could bounce off the predetermined line and continue to decline within the following trading session. Note that the pair could gain support from the weekly S2 at 1.3545.
In the meantime it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the 1.3650/1.3694 range due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
