GBP/USD was located near the senior channel early on Wednesday.
The Pound remained stable against the Greenback on Tuesday morning; upward momentum is expected today.
Bulls are likely to dominate the pair in this session following the massive plunge mid-Friday.
GBP/USD is likely to be guided by fundamentals in this session.
The Sterling is likely to decline today due to a strong resistance cluster at 1.3970.
The Sterling is likely to hinder near the psychological 1.40 level today.
Bullish sentiment is expected to prevail in this session.
It is expected that the senior channel holds the Pound and thus allows for a recovery today.
It is likely that bulls try to regain some positions today after the massive two-day plunge.
The Pound consolidates after yesterday's plunge.
Yesterday's bearish sentiment expected to prevail in this session, as well.
The pair continued to push higher on Tuesday morning; however, this upward momentum should allay during the following hours.
The 55-hour SMA is likely to continue guiding the Sterling.
The Sterling should be guided by the 55-hour SMA in this session.
The pair is supported by the 55-hour SMA which might hinder the expected decline today.
The Sterling managed to shot up to a senior trend-line circa 1.4220 early today, so a reversal might occur.
The pair is expected to respect a two-week channel and edge lower.
In case the bearish sentiment takes over the market, the strong support of the 55-, 100- and 200-hour SMAs and the weekly PP is likely to stop a fall below 1.4050.
The Pound is likely to edge higher to test the 1.4050 level.
GBP/USD has not left the 1.4020/1.4100 range for the fifth consecutive session.
The Pound continues to move in a narrow range between the 55-, 100- and 200-hour SMAs.
The Sterling breaches the 100-hour SMA early on Tuesday, thus adding some bullish sentiment to the market.
The Sterling is likely to breach short-term channel today that result in a surge up to the 1.41 mark.
Movement potential is apparent in both directions; however, it is more likely that the Pound tries to test the 1.41 level.