The Sterling continues to advance against the US Dollar for the second consecutive day, driven by weaker US Dollar in the global market. The rate hindered slightly near the weekly R1 at 1.4065 on Thursday, but nevertheless gained the necessary momentum to reach a new two-week high of 1.4150 this morning.
It seems that the Pound might be due for further gains, especially if no resistance is limiting it until the 1.43 mark where the weekly R2 and the highest level since the Brexit vote are located. This advance, however, might come after a brief correction southwards.
A possible point of reversal could be the monthly PP and the 55-hour SMA at 1.40, while a strong bearish sentiment should send the rate for a test of the 100– and 200-hour SMAs and the weekly PP at 1.3940.
