The GBP/USD currency exchange rate on Friday broke the resistance of the dominant medium scale pattern. The event resulted in an increase of volatility, as the rate bounced around without a clear direction.
On Monday morning the volatility was gone. The rate was trading almost flat in a limbo around the new weekly PP at 1.2748 level. The pivot point was holding the currency exchange rate down, as it attempted to surge.
The rate might surge higher as soon as additional support arrives. Namely, the 55 and 100– hour simple moving averages were approaching from the downside.
