The British pound appreciated 0.27% against the US Dollar since Tuesday’s session. During the previous session, the rate was passed the support of the 100-hour SMA to stop the trade at the 1.3186 mark. On Wednesday morning, the rate was located between the 100-hour and the 55-hour SMAs to trade at the 1.3174 mark.
In regards to the near-term future, the British pound will keep surging upwards to the weekly R1 at 1.3260 mark due to the support of the 55-hour SMA and the 50.00% Fibo level.
However, today’s UK CPI data release at 8:30 GMT may break the predictions for the currency pair to pass through the 50.00% Fibo level during the data release time.
