The GBP/USD exchange rate has revealed a short-term descending channel.
From a theoretical point of view, it is likely that the currency pair could trade downwards within the given channel in the short run. Note that the pair could gain support from the weekly S1 at 1.3505.
If the predetermined level holds, the exchange rate could reverse north and re-test the upper channel line. Otherwise, the rate could target the weekly S2 located at 1.3433.
