In line with expectations, the currency exchange rate failed to break from the one-month-long descending channel yesterday. Accordingly, it formed a third reaction low and continued to move in the opposite direction. However, it seems that the 55-hour SMA is not going to allow the Pound to gain more value against the Dollar, as it did many other times in the past. On the other hand, if a released data on the UK Services PMI will appear to be better than expected, this barrier is unlikely to withhold pressure from bulls. An additional impulse for surge or, in contrast, for downfall is also expected to be provided by an update on the US employment as well as the Fed Chair Yellen speech. Regardless of outcome, there is a good chance that the pair will manage to stay within the pattern.
