Thursday’s trading session was rather uneventful for British Sterling, as it remained fluctuating between the weekly R1 and the 1.3460 mark for the whole session. This lack of direction changed early today when bulls gathered enough strength for another surge. The pair’s upward movement during the past few days has resulted in the formation of a narrow ascending triangle. In case the Pound pushes even higher today as suggested by technical indicators, it could find resistance near 1.35 where the intersection of the 50.0% Fibo retracement and the upper chanel boundary is located. On the other hand, the current steep upward movement might allay in the following hours. A failure to reach the upper channel line is likely to be followed by a breakout and a test of the 55-hour SMA circa 1.3420.
