During Friday’s trading session, the 55-hour simple moving average supported the British Pound to trade sideways at 1.3250. On Monday morning, the rate passed the support level of the 55-hour SMA to be located at the 1.3240 mark.
In regards to the near-term future, most likely, the support levels of the 100-hour simple moving average and the weekly pivot point at 1.3214 might push the rate to surge towards the 1.3350 level.
On the other hand, the rate could pass through the weekly pivot point at 1.3214 to trade towards the 50.00% Fibonacci retracement level at the 1.3163 mark.
