Bulls have still refused to abandon their positions for the third consecutive session, thus managing to push the Sterling even higher against the US Dollar. The pair found some minor resistance at the weekly R1, but was nevertheless pressured higher up to the weekly R2 circa 1.42.
The Pound might still want to use the slight upside potential that is apparent until a downward-sloping trend-line at 1.4220 prior to initiating a corrective move south. The nearest support that might hinder the pair is the 55-hour SMA and the weekly R1 at 1.4150.
Given that this trading session includes several noteworthy fundamentals, this support cluster is expected to be breached, thus widening the southern potential down to the 100– and 200-hour SMAs located in the 1.4075/95 range.
