During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour simple moving average to end the day at 1.3100. On Thursday morning, the rate was located between the monthly pivot point and the 50.00% Fibonacci retracement level at the 1.3140 mark.
In regards to the near-term future, most likely, the British Pound will trade sideways to stay above the monthly pivot point at the 1.3129 mark. It is expected that the rate will end the day at the 1.3150 level.
On the other hand, today’s US Final GDP data release at 12:30 GMT might appreciate the US Dollar against the British Pound to push the rate to pass the resistance of the monthly PP at the 1.3129 mark.
