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GBP/USD Breached Rising Wedge Pattern

Yesterday, the GBP/USD exchange rate jumped to the 1.3060 level. During Friday morning, the rate reversed south.

It is likely that the currency pair could gain support of the monthly S1 at 1.3021 and reverse north in the nearest future. In this case the pair could face the resistance formed by the weekly R1 at 1.3089.

However, if the given support does not hold, it is likely that some downside potential could prevail. Note that the exchange rate would have to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2970/1.3000 area.

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