The British pound appreciated 0.27% against the US Dollar since Thursday’s session. During Thursday’s trading session, the rate broke the upper boundary of the large descending pattern to trade at the 1.3200 level. On Friday, the British pound was located below the weekly R2 at the 1.3240 mark.
In regards to the near-term future, most likely, the currency exchange rate will break the resistance of the weekly R2 at the 1.3256 due to the support of the 55-hour SMA and the support of the large pattern line to trade at the 1.3260 level.
On the other side, the British pound might get resisted by the weekly R2 to move the rate to trade sideways at the 1.3220 level during the trading session.
