Yesterday, the GBP/USD exchange rate broke the lower boundary of the medium-term descending channel.

It is likely that the currency pair could gain support from the weekly S2, the monthly S3 and the Fibo 61.80% in the 1.2700 area. Thus, the pair could resume to trade within the given pattern.

In the meantime, note that the exchange rate could face the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 and the monthly S2 in the 1.2797/1.2867 range.

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