Sterling eased against the US dollar during yesterday's session. The fall was stopped by the 1.28 level.

On Friday morning European session, the exchange rate is recovering and establishing a foothold within the 1.2830/40 area, where the weekly R1 (1.2833) is located at.

Resistance is now offered by the 100-hour SMA (1.2846), followed by the upper boundary of the hourly Bollinger bands (1.2858) and then by the 55-hour SMA (1.2870).

Support is now seen at the lower boundary of the hourly Bollinger bands (1.2786) followed beneath by the weekly PP (1.2748).
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