The patterns drawn on Wednesday have held their ground, as the Pound continues to trade against the Greenback in a narrow channel down pattern. However, the decline on Thursday morning turned sideways.
If one looks at the hourly chart, it can be observed that the rate made a few attempts to rebound after meeting the lower trend line of the channel down pattern. Although, the resistance of the weekly S2 has stopped the efforts of the Pound.
Meanwhile, it was noticed that the supposed sideways fluctuations were booking lower and lower rebound points. That indicates that the decline will continue.
