During previous trading session, the GBP/USD exchange rate tested the upper boundary of the falling wedge pattern at 1.3128 and reversed south.

From a technical point of view, it is unlikely that the pair could continue to decline due to the support cluster formed by a combination of the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3078/1.3088 range.

It is expected, that the currency pair re-tests the upper pattern line located in the 1.3100/1.3200 range. However, it is unlikely, that the pair could breach the given pattern due to the resistance level located at the 1.3119 mark.

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