GBP/USD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

On Wednesday, the British Pound fell by 77 pips or 0.54% against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday's trading session.

Given that a breakout has occurred, bearish traders are likely to continue to drive the price lower during the following trading session. The potential target for bears will be near the 1.4060 level.

However, the weekly support level at the 1.4081 area could provide support for the GBP/USD currency exchange rate within the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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