GBP/USD Decline Reaches Below 1.3700

The decline of the GBP/USD has reached below the 1.3700 level. Moreover, the descending channel pattern, which was previously broken has been adjusted. Namely, the upper trend line has been set at the Tuesday’s high levels.

If the decline continues, the pair should eventually reach for the support of the 1.3600 level and the weekly S3 simple pivot point. However, potential declines could be slowed down by the 1.3650 level and the lower trend line of the channel down pattern.

On the other hand, the rate could consolidate its recent decline by trading sideways or retracing back up to the upper trend line of the channel down pattern and the 1.3750 level.