As it was expected, a combined resistance barrier formed by the weekly PP and the 38.2% Fibonacci retracement level managed to constrain the cable near the 1.3150 level.
Unless the Pound receives a proper impulse from some fundamental even, there is a little chance that it will manage to bypass the 200-hour SMA. But even in the best-case scenario the pair is unlikely to break above another resistance area this time protected by the 50% Fibonacci retracement level at 1.3180. If the Sterling starts to depreciate the initial fall is expected to be stopped by the 55- and 100-hour SMAs. However, once the pair manages to bypass them, the plunge might continue up until the 1.3100 mark located near the 23.6% retracement level.
