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On Monday, a channel bearish pattern was spotted. The pattern was formed after the price had passed the resistance at 1.3940. It is now testing the 1.4000 mark. In the meantime, note that the pattern's upper trend line was being strengthened by the resistance of the 200-hour simple moving average.
If the pattern's resistance holds on Monday, the price would decline to the support of the weekly simple pivot point at 1.3892. In the case of the pivot point being passed, the GBP/USD pair would have no support, except the lower trend line of the channel bearish pattern.
On the other hand, a break of the resistance of the pattern could result in the pair once again testing the 1.4000 mark. Note that the 1.4000 mark was being strengthened by the resistance of the weekly R1 simple pivot point at 1.3997.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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