The British pound surged 1.08 % against the US Dollar due to fundamentals on Monday. The rate ignored most technical levels, but the weekly R1 at the 1.3040 mark together with the 100.00% Fibo stopped and held the rate at the 1.3040 level for the rest of Monday and Tuesday’s midnight hours.
In regards to the near future, the rate should be stopped by the upper boundary of the ascending medium pattern to retrace back into the pattern. The SMAs will try to catch the rate during Tuesday’s session.
On the other hand, the rate may use the support of the weekly R1 and the support of the SMAs, which might push the rate to surge even higher to break the pattern.
