Despite the pressure from three moving averages as well as from other technical indicators, the pair ended the day near the 1.3420 mark.
Today the cable is expected to continue the rally due to absence of any notable barriers on its way up until the 50% Fibonacci retracement level located at 1.3485. In case of appreciation of the buck, a combination of the weekly PP and the 200-hour SMA or the monthly PP and the 100-hour SMA should constrain the downfall.
However, these support and resistance barriers might be relatively easy broken due to the upcoming Bank of England meeting as well as release of information on the UK and US Retail Sales.
