During Wednesday’s trading session, the British Pound broke the resistance of the 55-hour SMA to end the trading day at the 1.2765 mark. On Thursday morning, the British pound jumped to the 1.2880 level breaking the resistances of the most technical indicators.
In regards to the near-term future, most likely, the British pound will break the resistances of the monthly PP at 1.2900 and the weekly PP at 1.2907 due to the support of the 200-hour SMA together with the support of the 62.20% Fibo.
On the other side, the trading day is mostly focused on the UK fundamentals news which might significantly affect the rate. Moreover, during the data releases, the rate could depreciate against the US Dollar to trade downwards to the 1.2800 level.
