The British Pound is continuing to lose value against the US Dollar in a four day long descending triangle pattern. The figure formed in result of traders’ reaction on announcement of the UK CPI last Tuesday.
Most probably, the Sterling is going to fail to break to the top, as the northern path is secured by a combination of the 55- and 100-hour SMAs plus the updated weekly PP, which is located slightly above the pattern at 1.2910.
This assumption seems valid not only from the trade pattern theory, but is also supported by a summary of multiple technical indicators, which send strong sell signals for the 5H and 1D timeframes.
