During Thursday’s trading session, the British Pound broke the resistance of the monthly pivot point at 1.2907 to end the trading day at the 1.3000 mark. On Friday morning, the British pound broke the resistance of the weekly R1 at 1.3024 to trade at the 1.3023 mark.
In regards to the near-term future, the British Pound will bounce off the bottom boundary of the small pattern line at the 1.3055 mark. Most likely, the currency exchange rate will be retraced to trade sideways at the 1.2950 level during the day.
On the other side, the British Pound could break through the small pattern line during the UK Construction PMI data release at 9:30 GMT to trade at 1.3050 level.
