On Monday morning, the GBP/USD currency exchange rate broke the large scale channel down pattern, which had guided the rate since the start of July.
In the near term future, the surge of the rate could reach for the resistance of the 1.3800 mark, which provided both resistance and support throughout July. Afterwards, the weekly R1 simple pivot point at 1.3835 could provide resistance.
Meanwhile, a decline could find support in the combination of the 55 and 200-hour simple moving averages near 1.3750.
