During Tuesday’s trading session, the 100-hour simple moving average supported the rate to reach the 1.3300 level. During Wednesday’s morning hours, the 55-hour and the 100-hour simple moving averages retraced the rate to the 1.3222 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will support the currency exchange rate to push it to trade at the 1.3250 level.
On the other hand, today’s UK CPI release at 9:30 GMT might push the rate to pass through the support level towards the 50.00% Fibo at the 1.3163 mark.
