The GBP/USD exchange rate has revealed a falling wedge pattern.
From a theoretical point of view, it is likely that the currency pair could reverse south from the upper pattern line. The pair could target the lower pattern line located circa 1.2870.
Meanwhile, note that the exchange rate is supported by the 100– and 200-hour SMAs, as well the weekly PP in the 1.2955 area. Thus, the rate could break the given pattern north and try to exceed the weekly R1 at 1.3049.
