The British pound rallied significantly during the trading session on Thursday as we are leaving the 200 day EMA behind now. Looking at this chart, I also see that there is significant resistance at the 1.2750 level, so it is more than likely only a matter of time before we see a bit of a pullback. Quite frankly, this is a market that continues to chop back and forth and nothing has changed here as far as I can see. With that being the case, the market is likely to see an eventual exhaustion in this market.
To the downside, the 200 day EMA should offer a bit of support but I believe the 50 day EMA will be even more important at this point. The British pound is moving back and forth due to Brexit, and of course a whole host of issues when it comes to the UK economy. We are seeing the British slowly open up their economy, so it does help the overall situation but ultimately one of the biggest drivers of this pair seems to be the Federal Reserve out there pumping the system with US dollars. That has worked against the greenback in multiple currency pairs, so this should not be a huge surprise. With this being the case, I think you continue to see a lot of choppy and difficult trading behavior, but I think that buying the dips probably continue what we see here going forward.
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