Although the ADP released some positive information on employment change yesterday, the Dollar continued to lose value against the Sterling. The surge was mainly driven by the 100-hour SMA, which together with the 55-hour SMA is expected to continue providing support for the pair. As norther side is barrier-free, the cable is expected to spend first half of this trading session tending to reach the weekly R1. An existence of one junior and one medium ascending channels supports the further advance of the Pound. However, whether the pair will manage to bypass the monthly R1 or not will greatly depend on today’s release of the American labour market data. In the meantime, there is a need to take into account that majority of pending orders both in 50- and 100-pip range are set to sell.
