Following a four-week appreciation against the Swiss Franc, the Pound entered a minor consolidation period with a narrowing trading range. Thus, a symmetrical triangle was formed. The pair is likewise trading in a longer-term ascending channel valid since late 2016.
As apparent on the chart, the rate has failed to surpass the 100-hour SMA for the last three trading sessions, thus remaining in the same range in the 1.3090/1.3000 area. Technical indicators demonstrate that there is still some upside potential that could be realised in the upcoming week, possibly up to the 1.3200/22 area. However, a closer analysis on the daily chart supports rate respecting the boundaries of the ascending channel and thus edging lower.
The nearest downside barrier is the weekly S1 located at the 1.2953. However, both weekly and monthly PPs are to change next week, thus restricting to determine exact resistance/support areas.
As apparent on the chart, the rate has failed to surpass the 100-hour SMA for the last three trading sessions, thus remaining in the same range in the 1.3090/1.3000 area. Technical indicators demonstrate that there is still some upside potential that could be realised in the upcoming week, possibly up to the 1.3200/22 area. However, a closer analysis on the daily chart supports rate respecting the boundaries of the ascending channel and thus edging lower.
The nearest downside barrier is the weekly S1 located at the 1.2953. However, both weekly and monthly PPs are to change next week, thus restricting to determine exact resistance/support areas.
