The British pound depreciated 0.51% against the US Dollar since Wednesday’s session. During the previous session, the rate was passed through the SMAs to stop the trade at the 1.3092 mark. On Thursday morning, the rate was located below the weekly PP to trade at the 1.3110 mark.
In regards to the near-term future, most likely, the British pound will trade downwards to the monthly PP at 1.3038 mark due to the resistance of the SMAs and the weekly PP at 1.3147 mark.
On the other side, the rate might surge to the weekly PP at 1.3147 mark to bounce off the technical indicator to trade at the 1.3100 level during the trading session.
