During Monday’s trading session, the British Pound was resisted by the 55-hour simple moving average to end the trading day at the 1.2800 mark. On Tuesday morning, the rate passed through the monthly S1 to trade at the 1.2779 mark.
In regards to the near-term future, most likely, the British pound will trade sideways due to the resistance of the 55-hour simple moving average. The 100-hour simple moving average tries to catch up the 55-hour SMA to perform possible break-out on Wednesday.
It is expected that the monthly S1 at 1.2778 will keep the currency exchange pair at the 1.2750 level during the day, but on the other side, the rate might get resisted by the monthly S1 to trade towards the weekly S1 at 1.2711 on Tuesday.
