As it was projected, in the first half of the previous trading day the currency rate had easily plunged to the weekly PP at 1.2858, using barrier-free area on its way. However, by the end of the day the Pound has already managed to restore all lost positions and confirmed an existence of junior descending channel. As a result, today the exchange rate is expected to keep moving in the southern direction in an attempt to reach the 200-hour SMA near 1.2858. However, there is a need to remember that release of information on the UK Manufacturing PMI as well as the US Average Hourly Earnings and Non-Farm Employment Change might significantly alter the above scenario, depending on the result.
