On Tuesday, the British Pound edged lower by 93 pips or 0.68% against the US Dollar. The currency pair was pressured by the 55-, 100– and 200– hour SMAs during yesterday’s trading session.
The exchange rate could continue to decline within the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bullish traders could pressure the GBP/USD currency exchange rate higher within this session.