Monday’s trading session did not introduce significant changes to the overall price level of GBP/USD, as banks in both the UK and the US were closed. Thus, the pair remained stranded between the 55-hour SMA and its six-month low at 1.33 on Tuesday morning.
It is likely that the rate tries to approach the 1.36 mark within the following trading sessions. Strong appreciation today might be restricted by the combined resistance of the 55– and 100-hour SMAs and the weekly PP circa 1.3360. In case no strong upside momentum drives the Pound today, the 200-hour SMA at 1.34 should not be surpassed.
The 55-hour SMA might also pressure the rate lower past its six-month low; strong decline, however, should be limited near the 1.3250 mark
