The British Sterling continues to move in a narrow channel against the US Dollar for the third consecutive session.
This short-term pattern was formed when a bullish correction against the general bearish trend began last week. Along the way, the Pound breached the previously-existing steep channel down together with the 55-hour SMA.
It seems that some upside potential still exists in the market in this session that could result in a breakout of the 100-hour moving average. The ultimate high for today should be the 1.4110 area where the 200-hour SMA is located.
In case the 55-hour SMA fails to support the rate today, the rate could struggle to surpass the 1.40 area, as the monthly PP is located nearby.
The general tendency this week is likely to be south down to the senior channel at 1.3950.
