On Friday, the British Pound edged lower by 86 pips or 0.62% against the US Dollar. The currency pair breached the lower boundary of an ascending channel pattern during Friday’s trading session.
Given that a breakout had occurred, the exchange rate is likely to continue to decline during the following trading session. The possible target for sellers will be near the 200– hour SMA at 1.3816.
On the other hand, the GBP/USD currency exchange rate could reverse from the weekly pivot point at 1.3876 and target the resistance level at 1.4015 within this session.
