During the previous trading session, the British Pound was resisted by the 55-hour simple moving average to push the rate towards the 1.2700 level.
On Wednesday, the currency exchange rate tried to break the resistance level of the 55-hour simple moving average to trade above the 1.2751 mark.
In regards to the near-term future, most likely, the rate will get retraced by the bottom boundary of the medium pattern line at the 1.2750 mark to push the rate to the 1.2750 level.
However, the British Pound could depreciate against the US Dollar during today’s US FOMC Meeting Minutes at 19:00 GMT to trade at the 1.2650 level.
