During Tuesday’s trading session, the currency rate broke the resistances of the 100-hour and the 200-hour SMAs to end the day at 1.3000. During Wednesday’s morning hours, the British pound was located between the 100-hour and the 200-hour SMAs to trade at the 1.2987 mark.
In regards to the near-term future, most likely, the British Pound will move sideways to stay at the 1.2950 level due to the resistances of the weekly pivot point at 1.3037 and the 200-hour simple moving average at the 1.3018 mark.
On the other side, the rate might break the resistances to trade at the 1.3050 level due to the support of the 100-hour simple moving average during today’s UK CPI data release at 9:30 GMT.
