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GBP/USD Analysis: Revealed Medium-Term Channel

Yesterday, the GBP/USD exchange rate revealed corrected medium-term descending channel. During Friday morning, the rate was testing the 55-hour SMA near 1.2460.

From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the currency pair could decline to the psychological level at 1.2350.

Meanwhile, note that the exchange rate could gain support from the 100– and 200-hour SMAs, as well the Fibo 50.00% and weekly PP in the 1.2400. If the given support holds, it is likely that the rate could consolidate.

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