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GBP/USD Analysis: Awaits Fundamentals

The Pound was relatively steady on Tuesday morning, being supported by the weekly PP and the 55– and 200-hour SMAs circa 1.3015. However, this stable equilibrium changed mid-session when the rate shot up near the 1.3080 mark. This upward motion was not sustainable, as the price was pressured back to the aforementioned levels. By and large, the Sterling continues to move in an up-trend. Daily technical indicators suggest that it should trade higher in respect to Wednesday morning, trying to reach the weekly R1 at 1.3104. However, some minor depreciation may still occur. In case the rate breaches the trend-line, a fall down to the bottom wedge boundary is expected. Nevertheless, two sets of important fundamentals are to be released today.

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