The Pound remained stable against the US Dollar during the previous session. The pair tried to edge lower; however, this movement south was disrupted by a support cluster formed by the 100– and 55-hour SMAs and the weekly PP circa 1.4130.
As apparent on the chart, the Pound has been moving in a down-trend during the previous week. In case this trend is to persist, the Sterling should try to push for the monthly PP located at 1.40. However, the current southern barrier is expected to introduce changes to this assumption, thus sending the Pound slightly higher towards the 1,5-yeah high of 1.43.
Meanwhile, the failure to appreciate in this session would result in a slight period of consolidation that could in fact be an early indication of a medium-term decline.
