During Friday’s trading session, the British Pound surged towards the 62.20 % Fibo to end the trading day at 1.2824 mark. On Monday morning, the rate was resisted by the 55-hour SMA to trade at the 1.2814 mark.
In regards to the near-term future, most likely, the British pound will pass through the support of the monthly S1 at 1.2778 due to the resistance of the 55-hour simple moving average.
On the other hand, the support of the monthly S1 at 1.2778 could support the rate to stimulate the currency exchange pair to break the resistance of the 55-hour SMA to surge towards the 62.20% Fibo on Monday.
