GBP/USD Bulls Likely To Prevail

On April 27, the Pound Sterling surged by 56 pips or 0.40% against the US Dollar. The currency pair tested the upper line of a descending channel pattern at 1.3920 during Tuesday’s trading session.

As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of the channel pattern could occur within this session.

However, given that the currency exchange rate is currently trading below the 55-, 100– and 200– hour SMAs, bearish traders are likely to pressure the price lower today.

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