The British Pound had slightly recovered itself against the American counterpart during the Friday’s session, passing the weekly PP at 1.2839. The GBP/USD pair was still testing the weekly PP on Monday early in the morning.
The Sterling should fluctuate between the 55-hour and the 100-hour SMAs this trading session. Even if a breakout occurs to the upside of the junior channel, it is not expected that large gains are apparent today due the lack of significant fundamental data releases during today’s trading session. It is expected that the Pound will bounce off the upper boundary of the junior channel and go downwards to the 200-hour SMA near 1.28.
