During Thursday’s trading session, the currency exchange rate appreciated by 139 pips or 1.07% to end the trading session at the 1.2874 mark. On Friday morning, the British Pound was trading between the 200-hour and the 100-hour simple moving averages at the 1.2852 mark.
In regards to the near-term future, in all likelihood, the British Pound will trade upwards to break the 62.20% Fibonacci retracement level at 1.2867 to trade at the 1.2900 level. The 55-hour and the 100-hour simple moving averages will support the surge during the trading session on Friday.
However, the 200-hour SMA together with the resistance of the 62.20% Fibo could retrace the British Pound to trade downside to the 1.2800 level.
