Despite breaching the massive resistance of the 100– and 200-hour SMAs, the weekly PP and the 61.80% Fibonacci retracement at 1.3550 early on Thursday, the pair had returned below this cluster by mid-session.
Given that this level is likewise reinforced by the 55-period (on 4H chart) and the 200-day SMAs near 1.3570, the Pound might be reluctant to make significant advances, especially if no important data releases are scheduled for this session. Technical indicators also flash bearish signals for the remaining part of this week.
It is not expected that the pair breaches its nearest resistance formed by the weekly S1 and the 2018 low of 1.3460, thus remaining near the 1.3480/50 range by Monday morning.
