GBP/USD Broke Rising Wedge Pattern

On Tuesday, the GBP/USD exchange rate breached the rising wedge pattern south.

Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3690 area, it is likely that bears could prevail in the market. The pair could target the psychological level at 1.3580.

In the meantime, note that the exchange rate could gain support from the weekly S1 located at 1.3629. If the given level holds, the rate could trade sideways within the following trading session.