On the one hand, the cable has reached the forecasted target at the 1.3406 level. On the other hand, the upper boundary of the junior ascending channel that was backed by the weekly S1 could not constrain the further surge. Moreover, the 47 pip jump in the early hours of this trading session allowed the pair to break not only through the monthly R1 but also the upper trend-line of a dominant descending channel. As the pair two times in a raw failed to bypass the 1.3480 mark, a small retreat is expected to follow. However, if traders decide to readjust the above junior channel up, the correction might drag the pair back to 1.3400. Nevertheless, in larger perspective an optimism related to Brexit is likely to continue driving the Pound towards the 1.3600 level.
