Unfortunately for the Pound, previous trading session signified the end of an upside momentum that guided movement of the pair over the last four days. On hourly chart it is easy to note how the 55-hour SMA managed to neutralize multiple attempts to break to the top. However, from the opposite direction the fall of the rate was similarly constrained by the monthly R2 at 1.3485. In result of this consolidation the currency pair is now fluctuating in a minor symmetrical triangle whose breakout point in terms of time coincides with announcement of the Federal Funds Rate. On the other hand, there is a need to take into account that the above pattern is likely to broken a little bit earlier due to reaction on release of data on the UK Retail Sales.
