During the previous trading session, the 200-hour SMA resisted the British Pound to push it to pass through the support level of the 62.30% Fibonacci retracement level. On Thursday morning, the rate was located between the 62.30% Fibo and the weekly S1 at the 1.2840 mark.
In regards to the near-term future, it is expected that the 55-hour simple moving average will continue resist the rate to the 1.2750 level.
However, during today’s US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT, the British Pound could appreciate against the US Dollar to push the rate to brake the resistance levels of the SMAs.
