On Wednesday, the British Pound edged higher by 70 pips or 0.51% against the US Dollar. The currency pair breached the upper boundary of a descending channel pattern during Wednesday’s trading session.
The exchange rate is currently trading near the upper line of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 1.3935 could be expected within this session.
However, if the 200– hour simple moving average at 1.3886 could provide resistance for the GBP/USD currency exchange rate within this session.
