The Sterling found support at the 100-hour SMA early on Tuesday and consequently began appreciating. Bulls managed to push the rate through the weekly PP and the 55-period (4H) and 200-hour SMAs at 1.3130; however, a surge did not follow.
It is likely that the pair finds support at this cluster and thus continue moving higher during the following sessions. The ultimate near-term target is the upper boundary of a three-month channel down and the 200-period SMA near 1.3120.
A one important resistance level to take into account today is 1.3180 where a trend-line and the 100-period SMA are located.
Given that there are no important fundamental releases today, the rate might lack the necessary momentum to break any of the aforementioned support and resistance clusters.
