On Tuesday morning the Pound had already lost the previously gained ground against the US Dollar, as the currency exchange rate traded below the 1.32 level.
The reason for that is quite unclear, as the pair had already passed the last resistance level above the 1.3250 mark during the early hours, when the rate suddenly began to fall.
However, after passing various support levels the pair’s decline was stopped by the combined support of the 55 and 100-hour SMAs.
In regards to the future outlook, it seems that the surge is set to continue, as the pair has broken the resistnace of the long term channel down pattern.
