Due to release of better than expected data on the UK manufacturing production, the pair continued to climb to the top and even managed to bypass the 1.32 mark. However, then the surge was neutralized by the 200-hour SMA, which forced the rate to start moving in the opposite direction. To certain extent, this turnaround was related to anticipation of the Fed Meeting Minutes, which is expected to show a hawkish stance on interest rate hike in December. Before this event, the currency rate is unlikely to make major advances in southern direction, as it is protected by a bunch of technical indicators, such as the weekly PP, the 55- and 100-hour SMAs as well as the 38.2% Fibonacci retracement level. But then traders’ reaction might push the pair to a zone near the 1.3110 mark.
