GBP/USD surpasses 1.3020 mark

The Sterling has been appreciating against the US Dollar for consecutive three days. It reached the 1.3020 mark mid-Friday prior to passing through the 200-hour SMA. The rate managed to recover all losses and surpass from below the 200-, 55- and 100-hour SMAs. Subsequently, the Pound was stranded between the latter two for a brief period of time before large price swings resulted in a push north. Bullish trend indicators are starting to lose ground, suggesting that some downside potential may prevail. This assumption is in line with characteristics of the ascending wedge in which the pair is currently trading. Thus, it is likely that the price goes up for a momentum but then remains relatively stable. A breakout of the 55- and 200-hour SMAs should eventually work as a bearish indication of further momentum down.