After reaching the lower boundary of a dominant channel on March 1, the Pound Sterling began to appreciate substantially against the Swiss Franc. As a result, the pair reached a four-month high.
A combination of the 55-, 100-, and the 200– hour SMAs has guided the currency pair higher after a crossed over on March 14. However, a resistance cluster set by the weekly pivot point and the 55—hour simple moving average has hindered any potential upside moves.
Everything being equal, a breakout is expected in either direction during the following trading sessions. Technical indicators suggest the breakout could occur through the lower boundary of a junior pattern in the short-term.
