The British pound depreciated 0.05 % against the US Dollar since Wednesday’s session. On Thursday morning, the rate was passed the weekly S1 to trade at the 1.2961 level.
During Thursday’s session, the 55-hour simple moving average will keep trying to resist the British pound to push the rate to trade at lower levels. Most likely, the rate will try to pass the weekly S1 at 1.2948 one more time to trade near the 1.2900 level during the day.
However, the rate might break the 55-hour SMA’s resistance to surge upwards to trade at the 1.2980 level.