In late Wednesday, the currency exchange rate made an attempt to break from a supposed head and shoulders pattern. However, the weekly R1 at 1.3200 once again proved to be a very meaningful barrier for the Pound. To certain extent, the rebound was also triggered by the approached 55-hour SMA that has additionally strengthened the above support level. From a technical perspective, the rest of the day the pair should spend in the surge towards the weekly R2 at 1.3264. However, at 14:00 GMT the Bank of England will announce the Official Bank Rate and, afterwards, Governor Carney will make remarks about this decision. Depending on the result, the Pound might surge or fall by 60-110 basis points, which means that it might be thrown from the currency ascending channel by traders’ reaction.
