Due to growing fears about hard Brexit possibility the Sterling depreciated against the Dollar by 104 basis points. From technical perspective this plunge matched with a rebound from the upper trend-line of a dominant descending channel towards the bottom edge of a smaller ascending channel.
Until release of data on the UK quarterly GDP the cable is likely to consolidate near the 38.2% Fibonacci retracement level located at the 1.3145 mark. In case of positive news the pair might surge straight to the 1.3170 level that will be secured by the 100- and 55-hour SMA.
In the opposite scenario, there is a high chance that bears will succeed to push the pair from the symmetrical triangle pattern. In that case the Pound most probably is going to depreciate against the Dollar in the foreseeable future.
