The 55-hour SMA continued to provide downward pressure for GBP/USD as a result of which the Pound fell down to a fresh six-month low at 1.33 late on Friday.
The Asian session today began with bullish momentum which pushed the rate towards the combined resistance of the 55– and 100-hour SMAs and the weekly PP near 1.3365. The rate might hinder near this resistance for a while prior surpassing it and approaching the 200-hour SMA at 1.3450.
Meanwhile, traders could be reluctant to push the rate below the psychological 1.33 mark. Given that there is a bank holiday both in the UK and the US today, the rate should not introduce large price changes.
By and large, the general direction should be northwards this week, thus allowing bulls to strengthen the Pound and thus move it away from its 2018 low.
