The British Pound experiences a significant surge upwards during the last two days of trading. The rate broke the senior descending pattern as well as the Fibonacci retracement level of 61.80% during Wednesday’s trading session passing through the monthly pivot point at 1.2930.
Moreover, Wednesday’s trading session ended up with a new high of 1.3041, not seen since the beginning of August. On Thursday morning the rate was at 1.3030.
The 55-hour SMA tried to catch the rate to play a role of support for the currency pair. The nearest support level is the weekly R1 at 1.2950, while the nearest resistance level is the weekly R2 at 1.3047.
