During the previous session, the British Pound was supported by the 200-hour simple moving average to trade at the 1.2660 level. On Wednesday, the currency exchange rate was trading at the 1.2640 level.
Most likely, the British Pound will keep trading sideways to stay at the 1.2640 level. Moreover, the 55-hour and the 200-hour simple moving averages will support the rate during the day.
On the other side, during today’s UK CPI y/y data release at 9:30 GMT, the British Pound could break the resistance of the descending medium pattern line at 1.2680 level to move towards the weekly R1 at the 1.2740 mark.
