The British pound jumped against the US Dollar due to fundamentals on Wednesday. The rate ignored most technical levels, but the upper boundary of the large pattern stopped the rate and pushed it back into the pattern.
In regards the near term future, the rate is expected to decline down to the 61.80% Fibo at 1.2877, which should be supported by the 55-hour simple moving average. Afterwards the rate should pass these levels and head for the 1.2850 level.
On the other hand, the British pound may use the support of the 55-hour simple moving average and the Fibo, to push back up above the 1.2900 mark.
