The GBP/USD has passed the support of the zone that kept it up since March 10. On Tuesday morning, the pair reached the support of the weekly S1 at 1.3813. In the meantime, it was spotted that the 55-hour SMA and the resistance of the weekly simple pivot point caused the most recent decline, which pushed through the mentioned support zone.
In regards to the near term future, the rate is highly likely going to consolidate by trading sideways above the weekly S1 simple pivot point or retracing back up until the hourly simple moving averages catch up with the rate.
Meanwhile, it was spotted on Tuesday that since March 11 the GBP/USD has been trading in the borders of a channel down pattern. In the case of the weekly S1 not holding, the rate could test the pattern’s lower trend line near 1.3800.
