The UK100/GBP pair has been appreciating in an ascending channel pattern since the beginning of June. The pair reversed north from the lower boundary of the channel pattern at 7088.8 on June 3.
The 200-hour simple moving average was providing support for the pair at 7481.0 during the morning hours of today's trading session, while the 50– and 100-hour SMAs were providing resistance at 7539.1.
Most likely, The UK 100 index could continue its upward swing during next week's trading sessions. The potential target for bullish traders would be near the weekly R2 at 7640.2.
However, the resistance cluster formed by the 50– and 100-hour SMAs might provide resistance for the pair in the nearest future.
The 200-hour simple moving average was providing support for the pair at 7481.0 during the morning hours of today's trading session, while the 50– and 100-hour SMAs were providing resistance at 7539.1.
Most likely, The UK 100 index could continue its upward swing during next week's trading sessions. The potential target for bullish traders would be near the weekly R2 at 7640.2.
However, the resistance cluster formed by the 50– and 100-hour SMAs might provide resistance for the pair in the nearest future.