During Friday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at the 1.2745 mark. On Monday morning, the British Pound was trading between the 200-hour and the 100-hour simple moving averages at the 1.2780 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways during the day. It is expected that the 200-hour simple moving average will resist the rate to trade below the weekly pivot point at the 1.2782 mark.
However, the 100-hour simple moving average could support the British Pound to trade above the weekly pivot point at the 1.2780 level on Monday.
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