Despite the fact that a released information on the UK Retail Sales beat experts expectations, the Pound lost 0.6% in value against the American Dollar and fell below the weekly PP at 1.3008 as well as the 200-hour SMA near the 1.2968 level. For this reason, the pair is expected to spend this Friday in attempts to recover the lost ground. Nevertheless, the road upstairs most probably will be blocked by a new combined resistance level formed by a combination of the 55-hour SMA and the above weekly PP. In addition, a rebound at this point would return the pair into a short-term inner descending channel and, thus, move it closer to the bottom channel-line of the dominant ascending pattern.
