The British Pound reversed from a resistance cluster formed by the combination of the weekly and the monthly PPs and the 50-hour simple moving average at 135.72 during last week’s trading sessions.
Currently, the exchange rate is testing the monthly and the weekly S2 at 133.96. If the support level holds, the currency pair will make a pullback during the following trading sessions.
However, if the currency exchange rate breaches the support lines, bearish traders could continue their dominance in the market in the nearest future.
