During the previous trading session, the rate was supported by the 55-hour SMA to trade sideways at the 1.2840 level. On Thursday morning, the rate was located at 1.2872.
It is expected that the British Pound will be supported by the SMAs and the 62.30% Fibo at 1.2864 to push the rate towards the medium pattern line at 1.2908. Most likely, the medium pattern line will retrace the British Pound to the 1.2800 level.
On the other hand, the support levels could push the rate to break the resistance of the medium pattern line towards the weekly R2 at 1.2964.
