During Wednesday’s trading session, the currency exchange rate broke most of the technical indicators to end the trading session at the 1.2818 mark. During Thursday morning hours, the British Pound diminished to trade at the 1.2769 mark.
In regards to the near-term future, most likely, the currency exchange rate might trade sideways to stay between the weekly S1 at 1.2750 and the upper boundary of the descending pattern line. Besides, the weekly S1 at 1.2750 should support the rate during the trading session on Thursday.
However, the British Pound could be resisted by the 100-hour simple moving average to pass through the 55-hour simple moving average and the support of the weekly S1 to trade at 1.2700 level.
