A review of the situation on the GBP/USD pair has been done. As a result of that, various new pieces of information have been discovered.
First of all, the recent decline of the pair was occuring in a medium term channel pattern, which guided the pair in its fall after encountering a dominant pattern’s resistance.
However, on Friday it was revealed that there was another channel, whose support line has kept the rate from falling during this week. Moreover, a rebound has occured against the line. Due to that reason the rate should continue the surge. Although, on Friday it still has to pass the 100-hour SMA at 1.29.
First of all, the recent decline of the pair was occuring in a medium term channel pattern, which guided the pair in its fall after encountering a dominant pattern’s resistance.
However, on Friday it was revealed that there was another channel, whose support line has kept the rate from falling during this week. Moreover, a rebound has occured against the line. Due to that reason the rate should continue the surge. Although, on Friday it still has to pass the 100-hour SMA at 1.29.