The British pound depreciated 0.25 % against the US Dollar since Tuesday’s session. On Wednesday morning, the rate was resisted by the 55-hour simple moving average at the 1.3001 mark.
In the near-term future, the 55-hour simple moving average will try to resist the rate from surge during the day. Most likely, the rate will move downwards to trade near the weekly S1 at the 1.2948 mark.
On the other side, the UK Service PMI release could push the rate to surge upwards to break the 55-hour SMA resistance to allocate the rate near the monthly PP at the 1.3038 mark.
