On Tuesday, the GBP/USD continued its decline, which was occurring after the rate passed the support line of a large scale channel up pattern.
Although, by the middle of Tuesday’s trading the rate had surged back up to the passed trend line to support it as resistance. Such moves happen often after the breaking of larger patterns.
In general, it is expected that the rate will bounce off the trend line near the 1.30 level and decline down to the 1.2975 level where the weekly S1 is located at.
