During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour to end the trading session at the 1.2631 mark. During Thursday’s morning hours, the British Pound broke the resistance of the 100-hour simple moving average to trade at the 1.2682 mark.
In regards to the near-term future, most likely, the 200-hour SMA will try to resist the currency exchange rate to push the rate to trade sideways during the trading session on Thursday. Besides, it is expected that the British Pound will continue trading in the medium pattern at the 1.2555 level.
On the other side, the British Pound could break the resistance of the 200-hour simple moving average to trade above the weekly pivot point at the 1.2750 level
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