From technical perspective, the cable was expected to make a rebound from an intersection of two senior channels. However, the news about improved offer for the final financial settlement made by the British government led to spike of the price of Pound.
Depending on how markets will interpret today’s inflation report hearings, the pair might either return back into boundaries of the dominant channels or confirm its yesterday’s breakout to the top. In any case, there is a need to take into account that the current advance in junior ascending channel is additionally supported by the rising 55-hour SMA as well as the monthly PP at 1.3238. But in the meantime, majority of traders continue to have bearish outlook on the pair.
