During Friday’s trading session, the 55-hour simple moving average retraced the currency exchange rate to the 1.3000 level. On Monday morning, the British Pound appreciated against the US Dollar to the 1.3074 mark.
In regards to the near-term future, most likely, the British Pound will be retraced by the 55-hour simple moving average to end the trading day at the 1.2950 level.
On the other hand, today’s US Retail Sales release at 12:30 GMT might push the rate to break through the resistance levels of the 55-hour simple moving average and the weekly pivot point to end the day at the 1.3050 level.
