During Thursday’s trading session, the currency exchange rate passed through most of the technical indicators to end the trading session at the 1.2765 mark. On Friday morning, the British pound was trading sideways at the 1.2800 level.
In regards to the near-term future, most likely, the British Pound might get resisted by the weekly S2 at 1.2820 mark to trade downwards near the bottom boundary of the medium descending pattern line at the 1.2700 level. Besides, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
On the other side, the British Pound could break the resistance of the weekly S2 at 1.2820 mark to trade near the 62.20% Fibonacci retracement level at the 1.2864 mark.
