The Pound Sterling has been constrained by a descending channel against the Swiss Franc after hitting the weekly pivot point near 1.3515. The upper boundary of a junior channel was reached on January 25.
The Sterling’s inability to make a new wave up suggests that it might breach the dominant channel in the next few hours.
Technical indicators flash bearish signals during the following trading sessions; therefore, the currency exchange rate is likely to decline further until it finds support at the monthly and weekly PPs near the 1.2888 mark.
