07.10.2014 - The British pound continues to consolidate
The price of the British pound after the strong decline on Friday, compensated losses and returned to the descending channel. Currently quotations are consolidating around the top edge of the channel and below the level of 1.6100. To continue the upward movement the price needs to gain a foothold above these levels. Despite the ascending impulse, the trend remains negative and signal of its change will be overcoming the level of 1.6200. We expect price decline in the near future despite the limited downside potential.