During Thursday’s trading session, the currency exchange rate traded along the 55-hour and the 100-hour simple moving averages. However, during Friday morning hours, the resistance levels retraced the rate to depreciate the British Pound against the US dollar to the 1.2710 mark.
In regards to the near-term future, it is expected that the British Pound will continue recovering itself against the US Dollar to break the resistance levels. Most likely, the rate will end the trading session near the pattern line at the 1.2800 level.
On the other hand, during today’s US CPI and Core CPI data releases at 13:30 GMT the rate could pass the support level of the monthly PP to trade at the 1.2660 level.