Yesterday the pair, indeed, made an attempt to return into preceding ascending channel. The fact the bullion managed to bypass and stay above a combination of the 55- and 100-hour SMAs is, generally, attributed to the weak US figures that were released yesterday. However, the above impulse was not enough the force the pair to soar towards the 61.8% Fibonacci retracement level. As a result, this third unsuccessful attempt points out on formation of a short-term descending channel. If this assumption is true, the pair should make a rebound somewhere between the 1,269 and 1,271 levels and slip back to the 200-hour SMA and the weekly PP at 1,261.80. However, the ultimate outcome will also heavily depend on result of the released US macroeconomic data today at 12:30 GMT.
