In result of the previous trading session the rate has broken through support line of a long ascending channel, thus ending the consolidation phase. Even though the pair has already crossed the 200-hour SMA and there are signs of a forming descending channel, a bunch of technical indicators suggest that an area around the 1.3500 mark represents strong support level, which is likely to lead to a rebound. In that case, the cable might jump back to 1.3550. However, without additional impulse, for instance, from some fundamental event the further surge is unlikely because of combination of the 55- and 100-hour SMAs. Nevertheless, from daily perspective it seems that deprecation of the Pound will continue at least until the rate will reach the 50% Fibonacci retracement level at 1.3485.
