During today’s morning, the GBP/USD exchange rate has been testing the upper line of the rising wedge pattern.
From a theoretical point of view, it is likely that the currency pair could bounce off and trade downwards within the predetermined pattern. Note that the pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3584/1.3650 range.
However, if the given pattern does not holds, the British Pound could continue to extend gains against the US Dollar in the shot term. Note that the nearest resistance level—the weekly R2, is located at 1.3844.