The British Pound edged higher by 43 pips or 0.31% against the US Dollar on Monday. The currency pair breached the 200– hour simple moving average at 1.3859 during Monday’s trading session.
Given that the 55-, 100– and 200– hour SMAs are below the current price level, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for the GBP/USD pair will be near the weekly R1 at 1.3940.
However, buyers could encounter resistance at the 1.3900 area within the following trading session.
