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GBP/USD Decline Likely To Continue

The British Pound has declined by 38 pips or 0.27% against the US Dollar on Tuesday. The currency pair was pressured lower by the 55– hour simple moving average during Tuesday’ trading session.

All things being equal, the exchange rate could continue to trend lower in a descending channel pattern during the following trading session. The potential target for sellers would be near the 1.3780 area.

However, bearish traders might encounter support near the weekly S2 at 1.3819 within this session.