Due to release of mixed British employment data, the pair did not get a impulse to make significant moves yesterday. In particular, this relates to three unsuccessful attempts made by bears to push the rate through the 38.2% Fibonacci retracement level at 1.3145. As a result, the new trading session cable started at the intersection of the 55- and 200-hour SMAs. At the moment, the further recovery of the Pound against the Dollar seems complicated, as northern direction is blocked not only by a combination of the weekly PP and the 100-hour SMA but also by the upper trend-line of a senior descending channel. However, a release of better than expected information about the retail sales might create a momentum that would help traders to push the pair either through these barriers or in the opposite direction.
