During Wednesday’s trading session, the 50.00% Fibo stopped the British Pound from the surge to end the trading session at the 1.3123 mark. On Thursday morning, the British pound was located between the 50.00% Fibonacci retracement level and the monthly R1 to trade at the 1.3123 mark.
In regards to the near-term future, most likely, the British Pound will surge upwards breaking the resistance of the upper boundary of the descending dominant pattern line at the 1.3150 mark to trade at the 1.3200 level. The 55-hour simple moving average should support the surge during the trading session on Thursday.
However, the 50.00% Fibonacci retracement level could resist the currency exchange pair to push the decline to the 1.3050 level.
