The combined resistance of the 55-hour SMA and the monthly S1 restricted the Pound from moving above 1.3050 early on Friday.
The necessary bullish sentiment was provided during the second part of the day caused by comments from the President Donald Trump on the strong US Dollar. This allowed the pair to surge 1.10%, being stopped solely early on Monday when it hit the 200-hour and 55-period (4H) SMAs at 1.3155.
The pair being unable to move past this cluster might point either to a decline or a movement sideways in this session. Technical indicators being located in the overbought territory support the bearish scenario.
In case of a fall, the Sterling would be sent back to the 55– and 100-hour SMAs at 1.3050. The monthly S1 is likewise located nearby.
