The British Pound was located between the weekly PP at the 1.2946 mark and the monthly PP at the 1.2924 mark during Friday’s morning hours.
In regards the near future, most likely the rate will surge upwards due to a strong support level of the monthly PP at the 1.2924 level and the 200-hour SMA at the 1.2920 level. The rate will pass the weekly PP at the 1.2946 mark to move closer to the upper boundary of the large descending channel, which might be broken during today’s session.
On the other hand, the British pound may use a strong resistance of the large channel to bounce back into the pattern at the 1.2970 level.
