Although the Bank of England hiked their interest rate, which caused a jump of almost 50 base points in the GBP/USD, the rate retreated after encountering resistance. Namely, the 200-hour SMA and the weekly PP managed to hold their ground and force the rate into a retreat.
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.
