During Thursday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at the 1.2781 mark. During Friday morning hours, the British Pound was resisted by the 55-hour and the 100-hour SMAs to trade at the 1.2781 mark.
In regards to the near-term future, most likely, the currency exchange rate will move downside due to the resistances of the 55-hour and the 100-hour SMAs which should push the British Pound to trade below the weekly S1 at 1.2750 mark.
On the other side, the rate might get supported by the weekly S1 at 1.2750 which could help the British pound to stay at previously drawn ascending medium pattern to trade at 1.2760 level during the trading session on Friday.
