The British Sterling was driven by upside risks on Thursday, thus being able to appreciate 75 pips against the US Dollar.
This session, however, was market by low volatility slightly below the post-Brexit-vote high of 1.4213. This northern barrier is expected to hold strong, resulting in a southward pressure towards the 100– and 200-hour SMAs near 1.4157 today. The 55-hour moving average which was located in between the current price and the aforementoned area in the morning could likewise hinder the pair for several hours.
In general, the prevailing ascending channel is expected to surrender, thus allowing the Pound to approach the monthly PP and the 38.20% Fibo retracement at 1.3953. A steeper fall during the following sessions would confirm a double-top-like formation.
