The 200– hour simple moving average pressured the GBP/USD currency pair on Monday. As a result, the Pound Sterling declined by 44 pips or 0.31% against the US Dollar.
Everything being equal, the exchange rate could continue to decline in a descending channel pattern during the following trading session. The potential target for sellers will be near the 1.3780 area.
However, the weekly support level at 1.3811 could provide support for the currency exchange rate in the shorter term.
