The Pound has reached the targeted support cluster near the 1.3220 mark against the US Dollar. In addition, during the move the pair has revealed a new medium term pattern. Namely, a channel up pattern was spotted by Dukascopy analysts on Monday morning.
During the morning hours of Monday’s trading session the pair had rebounded against the mentioned support cluster. However, the rate still faced the resistance of the 200-hour SMA near the 1.3260 level.
If the SMA’s resistance gets broken, the Sterling should begin a surge that would last as high as the 1.3350 mark.
