A combination of release of worse than expected British and better than expected American manufacturing activity data created a downside momentum, which was strong enough to drive the pair through a combined support formed by the monthly PP at 1.3322 and the weekly S1 at 1.3305 and push right to the bottom edge of senior descending channel.
From daily perspective, the exchange rate has to continue to pave the way to the south. But in the short run it might make a rebound, as the above boundary is additionally secured by the weekly S2 at 1.3210. Plus there is a need to take into account that the 1.3200 mark represents a psychological support level and might be surrounded by many buy limit orders.
However, the UK Construction PMI data release might also leave certain impact on the pair.
