GBP/USD halted at the 1.2960 mark on Friday, thus forming a triple bottom. The rate consequently went through the 55– and 100-hour SMAs, the latter of which has since provided strong support near the 1.30 mark.
The Pound is trading sideways this morning, fluctuating around the newlyestablished weekly PP at 1.3001.
It is likely that a support cluster formed by the aforementioned SMAs provides a strong barrier. By and large, no significant leaps either direction are expected today, resulting in a rather flat movement. The Pound, however, may still edge higher against the Greenback and approach the 1.3040 area.
