The Pound continued to weaken against the US Dollar on Friday morning, thus re-testing its seven-month low of 1.3232. Bulls managed to move the rate slightly higher during the remaining part of the day, but a move above the psychological 1.33 level did not follow.
It is expected that the rate targets the upper channel line near 1.34 this week. In the meantime, this session might not result in significant advances due to several important resistance areas lying ahead. In addition, no fundamental data releases that could strengthen the bullish momentum are scheduled for this session.
Thus, today’s highest point could be the 100– and 55-hour SMAs and the weekly PP at 1.3350. In case bears prevail, the 1.32 mark should remain intact.
