In the aftermath of breaking the channel up patter on Friday, the GBP/USD declined to the support of the 1.3860 level. Afterwards the rate recovered to start trading sideways between the 55 and 200-hour simple moving averages.
If the rate manages to pass the resistance of the 55-hour simple moving average, the pair could once again test the high level of 1.4000. On the other hand, if the support of the 200-hour SMA fails, the GBP/USD could once again reach the 1.3860 level.
