In accordance with trade patterns theory, the currency pair made breakout from a falling wedge to the top. The breaking point matched with two speeches delivered by Governor Carney and Theresa May at the at the Bank of England’s conference. Unfortunately, the upside momentum was not particularly strong, as subsequently the exchange rate failed to bypass even the 100-hour SMA near 1.3451. This fact call into question the ability of bulls to support the further surge and push the pair through a combined support set up by the 200-hour SMA together with the monthly R2 at 1.3485. In addition to that, later this day Governor Carney will deliver another speech, which might lead to bearish sentiment once again. After all, the southern side currently is remaining a barrier-free area.
