During Tuesday’s trading session, the currency exchange rate was trading near the weekly S1 at 1.2750 to end the trading session at the 1.2737 mark. On Wednesday morning, the British Pound was located at the 1.2746 mark.
In regards to the near-term future, most likely, the resistance of the weekly S1 at the 1.2750 mark will push the British Pound to decline towards the weekly S2 at the 1.2676 mark during the trading session on Wednesday.
However, today’s UK Bank Stress Test Results could affect the rate to change its trading direction towards the 55-hour simple moving average at the 1.2789 mark.
