During the first part of Thursday’s trading session, the Sterling managed to maintain its upward movement which started mid-Wednesday. Further advance above the 1.3416 mark was restricted by the 100-hour SMA and the weekly S1. This strong resistance pressured the rate slightly lower along the 55-hour moving average.
In line with technical indicators, the Pound should resume its decline in this session, thus approaching the six-month low of 1.3310. This session, however, is full of important fundamentals that could change the market sentiment in favour of bulls.
In case of strong upside momentum, the rate should target the weekly PP at 1.3520; the 200-hour SMA is located at 1.3455. Meanwhile, a fall below the 1.33 level is not expected today.
