The medium term trend line, which held its ground on the GBP/USD charts at the end of August, has managed to provide enough downwards momentum for the currency rate to book a certain decline.
On Thursday morning it was discovered that the currency exchange rate seems to be descending in a junior channel down pattern. If the pattern holds its ground, the currency pair is set to decline down to the support of the weekly S1 at the 1.3047 level.
Meanwhile, a short term surge should take place in the borders of the descending pattern, if its support line holds.
On Thursday morning it was discovered that the currency exchange rate seems to be descending in a junior channel down pattern. If the pattern holds its ground, the currency pair is set to decline down to the support of the weekly S1 at the 1.3047 level.
Meanwhile, a short term surge should take place in the borders of the descending pattern, if its support line holds.
The retreat broke the junior descending channel pattern, and by the middle of Friday’s trading session the weekly S2 at 1.2990 was already reached. If the support level gets passed, the currency rate would reach down to the monthly S1, which on Friday was located at the 1.2935 level.