The British Pound edged lower by 43 pips or 0.31% against the US Dollar on Monday. The decline was stopped by the weekly pivot point at 1.3876 during Monday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.3820 area could be expected today.
However, if the channel pattern holds, buyers could drive the GBP/USD currency exchange rate higher during the following trading session.
