On Wednesday the Pound passed a significant support level against the US Dollar, which marked the full breaking of a previously active medium term ascending channel pattern.
The event resulted in the pair declining down below various levels of significance on Thursday. Namely, on Thursday the currency rate had no support down to the 1.3160 mark, where close by the 50.00% Fibonacci retracement level together with the weekly S1 are located at.
Meanwhile, note that a new medium term pattern has been drawn. It is set to guide the rate lower until the end of July.
