The British Pound declined by 63 pips or 0.45% against the US Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, sellers are likely to continue to pressure the currency pair lower during the following trading session. The potential target for bearish traders will be near the 1.3820 area.
However, the 200– hour simple moving average at 1.3886 could provide support for the GBP/USD currency exchange rate within this session.
