Since the second half of yesterday’s trading session, the British Pound has declined by 58 pips or 0.42% against the US Dollar. The currency pair tested the lower line of a descending channel pattern at 1.3714 on Thursday morning.
Given that the GBP/USD exchange rate is currently trading near the lower boundary of the channel pattern, a breakout could occur within the following trading session.
However, if the descending channel holds, bullish traders might drive the price of the currency exchange rate higher today.
