Despite forming a triple bottom, the Pound failed to surge against the US Dollar on Monday. It reached the 1.3020 area and fell back down to the aforementioned support.
The morning session can be characterised by a lack of volatility. This situation, however, will change later when both the UK and the US is to release fundamental data.
The failure to fall below 1.2960 four times suggests that this level, together with the weekly and monthly S1s, may halt the rate, thus setting it for a test of the 55– and 100-hour SMAs and the weekly PP circa 1.30.
