The British currency managed to erase all intraday losses yesterday and, thus, remain relatively unchanged against the Greenback. The rebound occurred from what appears to be the support line of a newly-forming ascending channel pattern, but additional confirmations are required to confirm if the channel is reliable. So far the exchange rate keeps gravitating towards the monthly S1, with risks skewed to the downside. Consequently, if the Cable experiences another decline today, the potential support would be the earlier-mentioned channel’s support line around 1.2720. On the other hand, gains should be capped circa 1.2850, but a surge that far up today is doubtful, as there are no solid market movers expected to drive the given pair today.
