During Friday’s trading session, the British Pound declined by 83 pips or 0.58% against the US Dollar. The currency pair breached the 50– and 100– hour SMAs on Friday.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.4154.
If the channel pattern holds, bullish traders could target the weekly resistance level at 1.4234 within this session.
However, if the currency exchange rate breaks the ascending channel pattern, a decline towards the weekly S1 at 1.4077 could be expected today.
