During Thursday’s trading session, the currency exchange rate jumped by 142 pips or 1.11% to the 1.3000 mark. On Friday morning, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.2949 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay at the 1.2900 level for the rest of the trading session.
However, the 55-hour simple moving average could support the British Pound to appreciate against the US Dollar to break the resistance level of the 200-hour simple moving average. It is expected that the rate could trade near the weekly S1 at the 1.3014 mark.
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