In accordance with one of the scenarios expressed yesterday, the currency exchange rate made a confident breakout from the rectangle formation and slipped to the bottom.
The likely impulse for such outcome was provided by a combination of the 55- and 100-hour SMAs near the 1.2881 mark.
At the moment, the currency rate has only one barrier on its way, which is set up by the weekly S1 at 1.2799. In the short run, the pair might a make a rebound.
But, given the general downtrend that started in the beginning of August, the Pound is expected to continue to lose value against the US Dollar.
