Due to quite active sell-off of the buck yesterday, the cable managed to break to the top instead of falling to support zone near the 1.3030 mark. However, the surge was boldly stopped by a combination of the 100- and 200-hour SMAs together with the 61.8% Fibonacci retracement level at 1.3166. For this reason, the currency rate is likely to start moving back to the 1.3120 mark. However, there is a need to take into account existence of an unconfirmed three-week long descending channel consisting of three reaction lows and one reaction high. If this assumption is true, then in medium perspective the Pound should continue its gradual recovery. But in daily range its valuation is expected to be influenced by release of the Halifax HPI and the Fed Chair Yellen speech.
