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.
