During Wednesday’s trading session, the British Pound was stopped from the retracement by the support of the 62.20% Fibo at 1.2867 to end the trading day at 1.2884 mark. On Thursday morning, the rate was supported by the weekly S2 at 1.2880 to trade at the 1.2908 mark.
On Thursday, the British pound will trade sideways due to supports of the weekly S2 at 1.2880 and the 62.20% Fibo at 1.2867. It is expected that the currency exchange pair will be trading at the 1.2880 level. Meanwhile, the 55-hour SMA will try to catch up the rate to resist the rate during the day.
However, the rate could break the support levels of the S2 and the 62.20% Fibo if the US Dollar will appreciate against the British Pound after today’s fundamentals.
