On Friday, after reaching the 1.3250 mark the cable made a sharp turnaround and slipped back to the 1.3180 level. From fundamental point of view, this movement matched with release of better than expected American housing data. But from technical perspective it signified a rebound from an intersection of upper boundaries of two large descending and ascending channels. In this way bears have outlined strong resistance area through which the pair is unlikely to climb without proper upside momentum. For this reason, the currency rate is expected to make another reversal even though the bottom trend-line of a junior ascending channel provides perfect support for gradual soar. The upcoming movement to the south is additionally supported by the aggregate market sentiment, which is 51% bearish.
