Yesterday, the GBP/USD exchange rate pierced the upper line of the falling wedge pattern, but remained to trade within the given pattern.

From a theoretical point of view, it is likely that the currency pair could target the lower pattern line located circa 1.2870 in the nearest future. If the predetermined pattern holds, a reversal north could follow.

Meanwhile, note that the exchange rate could gain support from the 55-hour moving average near 1.2940. Thus, the rate could breach the given pattern north and try to exceed the resistance formed by the monthly PP and the weekly R1 in the 1.3028/1.3049 range.

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