The British Pound declined by 62 pips or 0.45% against the US Dollar on Wednesday. The currency pair pierced the support level at 1.3774 during yesterday’s trading session.
Currently, the GBP/USD exchange rate is trading near the support level at 1.3772.
If the support line holds, buyers could pressure the price higher during the following trading session.
However, if the currency exchange rate breaks the support level at 1.3772, the next target for bearish traders would be near the weekly S1 at 1.3733.
