The Pound continues to appreciate against the US Dollar for the sixth consecutive session. The pair managed to edge higher on Thursday; however, it lost its momentum near the 2017 high of 1.3925. This suggests that bulls might have exhausted their strength, thus paving the way for a possible decline in price. This is likewise apparent from the two short-term channels drawn on the chart, as the Sterling has failed to reach their upper boundaries this week. By and large, it is expected that the pair trades sideways in this session, especially if the southern barrier is provided by the 55– and 100-hour SMAs and the weekly R1 circa 1.3830. In case bears push even lower, the ultimate daily low should be the monthly R2 at 1.3707. Meanwhile, the next notable resistance is the distant weekly R3 at 1.4119.
