On Wednesday, the British Pound was trading sideways to stay inside the previously drawn medium pattern. During Thursday’s morning hours, the rate was supported by the 55-hour SMA to trade at 1.2665 mark.
The British Pound waits for a break-out which might occur during today’s UK Retail Sales m/m data release at 9:30 GMT. The rate could break the resistance of the upper boundary of the medium pattern at 1.2600 to trade at the 1.2700 level.
However, the currency exchange rate could trade downside to pass through the monthly S1 to trade at the 1.2560 level during the trading session on Thursday.
