The British Pound continues to depreciate against the US Dollar for the second consecutive session. This bearish momentum has resulted in a breakout of a four-week ascending channel. At the time of this analysis, the pair was testing the 200-hour SMA located near the 1.4050 mark. Technical indicators demonstrate that there is still some donwside potential, especially if this long-term moving average is breached. A possible downside target in this case could be the 38.20% Fibo near 1.3950. On the other hand, fundamentals might still push the rate higher within this session, thus pushing the Pound towards the 55– and 100-hour SMAs at 1.4150. By and large, longer-term perspective demonstrates that bears should prevail during the following trading sessions.
