The GBP/USD broke the senior descending pattern during Tuesday’s trading session. However, the resulting surge was stopped by the monthly pivot point at 1.2940, which made the rate to go back into the senior ascending channel.
On Wednesday morning the rate was at 1.2880 testing the upper line of the senior channel, but the stiff resistance levels did not allow the rate to surge upwards that fast.
The 200– hour SMA might pass the weekly pivot point at 1.2840 level, which may push the rate higher and break the channel one more time
