Text Similarly to other major currencies, the Pound remaine stable against the US Dollar on Friday. A fall below the 1.3960 mark was supported by the 38.20% Fibo retracement and the 100-hour SMA, while appreciation was restricted by the monthly PP at 1.40. The latter, however, was surpassed early on Monday when the pair started advancing towards the weekly R1 at 1.4054.
Technical indicators flash mixed signals, suggesting that the same period of consolidation might continue today, as well. In addition, no significant fundamentals that could pressure the rate either direction are scheduled for this session.
Given that the general trend is tended northwards, the Pound is likely to reach the weekly R1, but further advance could be limited. In terms of support, the Sterling should not fall below 1.3960.
