The Pound bounced off the upper trend line of a medium term descending channel pattern against the US Dollar in the second half of Thursday’s trading session. The event resulted into the rate plummeting as low as the 1.3120 mark on Friday morning.
The decline was only shortly slowed down by a Fibonacci retracement level near the 1.3170 mark.
In regards to the near term future, the pair is set to decline down to the support of a dominant pattern below the 1.31 level.
