The British Pound is advancing against the American Dollar simultaneously in senior and junior ascending channels, where the latter represents a rebound of the currency exchange rate from the lower trend-line of the dominant formation.
In the last hours of Monday’s trading session the pair made a second rebound from the bottom edge of the junior channel.
For this reason, the rest of the week the rate is expected to spend in the gradual climb to the top.
However, in order to do that, it will have to bypass a combination of the 20- and 100-period SMAs as well as the monthly PP at 1.3084.
Without a proper impulse provided by fundamental events the Pound might at this resistance level for some time.
Aggregate technical indicators supports this possibility by sending neutral and even sell signals.