Bulls dominated the GBP/USD exchange rate during the first part of Thursday. This upside momentum was stopped by the strong resistance of the 200-hour and 55-period (4H) SMAs at 1.3350.
Bulls failed to move the rate above this barrier, thus paving the way for a subsequent surge past the 55– and 100-hour SMAs and down to 1.3260 where it was located at the time of this analysis.
Technical indicators show mixed results today. However, given that the pair is located below all three SMAs, it might still continue moving lower during this session. It should be noted that this assumption could be disrupted by today’s fundamentals that are likely to push the rate in any direction.
By and large, the pair is expected to remain within the 1.3200/1.3350 range.
