Where Will British Pound Go After Hitting New Highs?

During the previous trading weeks, the flat market moved from the upper bound of the yellow channel to its lower wall. The blue line limits the price movement from above. It is likely that in the near future the market will reach the support level of 1.278, which is on the lower yellow bound, after which we can see either a decline or an increase in the market.

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If the level of 1.278 is broken below, the bears will open a path to the lower bound of the blue channel to the support level of 1.206. But if there is an upward rebound, and the price continues to rise above the resistance level of 1.294, the bulls may have enough gas in the tank to reach the upper bound of the yellow channel and the resistance level of 1.360.