GBP/USD Could Re-Test Medium-Term Channel

Technical analysis of Forex market

During the Thursday’s trading session, the GBP/USD currency pair declined to the 1.3065 level.

From a technical perspective, the exchange rate is likely to re-test the lower boundary of the medium-term ascending channel located circa 1.3040, as the rate is pressured by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1.3114/1.3135 range.

It is unlikely, that bulls could prevail in the market, and the currency pair could surpass the resistance level formed by the Fibonacci 36.10% retracement at 1.3162

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