The Pound appreciated against the US Dollar on Thursday, reaching the 1.2974 mark late in the evening. The pair found support at the weekly PP and the 55-hour SMA, while minor resistance was met at the 100-hour SMA. Friday’s morning session started with weak volatility prior to the pair gaining momentum to the downside. In the short term, the pair may be pushed south, testing a resistance cluster formed by the 100– and 55-hour SMAs. However, technical indicators favour further appreciation that may consequently confirm an up-trend. Thus, a possible trading range in this session may be 1.2940/1.3030, regarding as very likely an attempt to approach the upper limit. Meanwhile, a breakout of the aforementioned support cluster could lead to a test of the 1.2920 area.
