Open trading account 
Sterling is rising against the US dollar on Wednesday morning European session.
The exchange rate trades at 0705 UTC near the 1.3170 area. The upper boundary of the hourly Bollinger bands is located at 1.3167. The 20-day SMA is positioned at 1.3168.
There is congestion in the 1.3170 area and if a breakout occurs during this session, the next target may lie on the 1.3280/1.3300, where the 55-day SMA is located at (1.3290) and the weekly R1 (1.3299).
Support seems to be formed in the 1.3120/30 area, where both the lower boundary of the hourly Bollinger bands and the 55-hour SMA are located at (1.3127 for both figures), combined with the weekly PP (1.3128).
The exchange rate trades at 0705 UTC near the 1.3170 area. The upper boundary of the hourly Bollinger bands is located at 1.3167. The 20-day SMA is positioned at 1.3168.
There is congestion in the 1.3170 area and if a breakout occurs during this session, the next target may lie on the 1.3280/1.3300, where the 55-day SMA is located at (1.3290) and the weekly R1 (1.3299).
Support seems to be formed in the 1.3120/30 area, where both the lower boundary of the hourly Bollinger bands and the 55-hour SMA are located at (1.3127 for both figures), combined with the weekly PP (1.3128).
