The Pound managed to breach its three-day range to the downside on Tuesday, thus forming a new short-term descending channel. This fall was very limited, as bears could not push the pair below the psychological 1.32 level. Meanwhile, an advance above 1.3240 was stopped by the 100– and 200-hour SMAs.
The pair moving below all three SMAs should point to further fall, as the Pound is likely to lack the necessary strength to dash through this massive resistance cluster. This scenario is likewise supported by bearish technical indicators on 1H and 4H time-frames.
The nearest support is the weekly S1 at 1.3144, while the senior channel line is located nearby at 1.3190.
