After bouncing off the lower channel boundary, the Pound appreciated gradually against the US Dollar on Wednesday. Bulls pushed the rate through the upper channel boundary, the weekly PP and the 55 and 20-hour SMAs, adding to the overall bullish sentiment. Other technical indicators have likewise turned bullish, thus favouring further upward potential. Upside risks should prevail in this session; however, the scope of the given outcome is yet unclear. By and large, the Pound is likely to be supported by the 55-hour SMA. An immediate support to the upside is the 100-hour SMA near the 1.2960 mark. In case this level is surpassed, the upside target for today may be the June high at 1.3030, as no other resistance is located in between these levels.
