The latest developments in the GBP/USD currency pair forced to partially review the situation. On the one hand, the Pound expectedly rose and bounced off from the weekly PP at 1.2910. On the other hand, the subsequent fall through the 55- and 100-hour SMAs entails that the pair is rather moving in a rectangle or triple bottom formation that in the descending triangle. If the first assumption is true, the Pound has to eventually break through the 1.2846 level to the bottom and continue to move in a downtrend. This scenario seems rational since the 200-hour SMA is located way above the current market price. But if the second assumption is true, the pair should change the direction and start to move to the north.
