As many other US Dollar involving currency pairs, the GBP/USD has bounced off a resistance line. However, if one zooms out the chart, it can be observed that the currency exchange rate has bounced off a medium term resistance line.
Meanwhile, it is set to surge in the borders of a large scale descending channel pattern. The surge should occur, as the rate forms a new junior and medium term ascending pattern. Although, instead of that the rate faces various resistance lines, pivot points and simple moving averages.
Due to these factors combined, the GBP/USD is a rate, whose medium term movements are almost impossible to forecast.
