The British Pound recovered itself to trade at 1.2750 level during the morning hours on Monday.
The high volatility helped the rate to break the resistance level of the monthly pivot point to push the rate to trade towards the upper boundary of the dominant pattern line at the 1.2800 level. Most likely, the currency exchange rate will reach the dominant pattern line during the trading session on Monday.
Besides, none of the scheduled fundamental events will affect the British Pound during the day.
The high volatility helped the rate to break the resistance level of the monthly pivot point to push the rate to trade towards the upper boundary of the dominant pattern line at the 1.2800 level. Most likely, the currency exchange rate will reach the dominant pattern line during the trading session on Monday.
Besides, none of the scheduled fundamental events will affect the British Pound during the day.
Comment:
During the previous trading session, the British Pound was resisted by the 55-hour simple moving average to push the rate towards the 1.2700 level.
On Wednesday, the currency exchange rate tried to break the resistance level of the 55-hour simple moving average to trade above the 1.2751 mark.
In regards to the near-term future, most likely, the rate will get retraced by the bottom boundary of the medium pattern line at the 1.2750 mark to push the rate to the 1.2750 level.
However, the British Pound could depreciate against the US Dollar during today’s US FOMC Meeting Minutes at 19:00 GMT to trade at the 1.2650 level.
During the previous trading session, the British Pound was resisted by the 55-hour simple moving average to push the rate towards the 1.2700 level.
On Wednesday, the currency exchange rate tried to break the resistance level of the 55-hour simple moving average to trade above the 1.2751 mark.
In regards to the near-term future, most likely, the rate will get retraced by the bottom boundary of the medium pattern line at the 1.2750 mark to push the rate to the 1.2750 level.
However, the British Pound could depreciate against the US Dollar during today’s US FOMC Meeting Minutes at 19:00 GMT to trade at the 1.2650 level.
Comment:
During the previous trading session, the 55-hour simple moving average supported the rate to push it towards the 1.2800 level. On Thursday morning, the currency exchange rate was retraced by the bottom boundary of the ascending small pattern line at the 1.2757 mark.
Most likely, the British Pound will keep trying to appreciate against the US Dollar to the 1.2800 level. Besides, supports of the 100-hour and the 55-hour simple moving averages will give additional support for the British Pound during the session.
During the previous trading session, the 55-hour simple moving average supported the rate to push it towards the 1.2800 level. On Thursday morning, the currency exchange rate was retraced by the bottom boundary of the ascending small pattern line at the 1.2757 mark.
Most likely, the British Pound will keep trying to appreciate against the US Dollar to the 1.2800 level. Besides, supports of the 100-hour and the 55-hour simple moving averages will give additional support for the British Pound during the session.
Comment:
During Thursday’s trading session, the currency exchange rate traded along the 55-hour and the 100-hour simple moving averages. However, during Friday morning hours, the resistance levels retraced the rate to depreciate the British Pound against the US dollar to the 1.2710 mark.
In regards to the near-term future, it is expected that the British Pound will continue recovering itself against the US Dollar to break the resistance levels. Most likely, the rate will end the trading session near the pattern line at the 1.2800 level.
On the other hand, during today’s US CPI and Core CPI data releases at 13:30 GMT the rate could pass the support level of the monthly PP to trade at the 1.2660 level.
During Thursday’s trading session, the currency exchange rate traded along the 55-hour and the 100-hour simple moving averages. However, during Friday morning hours, the resistance levels retraced the rate to depreciate the British Pound against the US dollar to the 1.2710 mark.
In regards to the near-term future, it is expected that the British Pound will continue recovering itself against the US Dollar to break the resistance levels. Most likely, the rate will end the trading session near the pattern line at the 1.2800 level.
On the other hand, during today’s US CPI and Core CPI data releases at 13:30 GMT the rate could pass the support level of the monthly PP to trade at the 1.2660 level.
During Tuesday morning hours, the British Pound was trading near the upper boundary of the dominant pattern line at the 1.2762 mark.
The GBP/USD waits for a break-out which might occur during the trading session. In addition, the British Pond could break the upper boundary of the descending dominant pattern line at the 1.2800 mark to trade near the 82.20% Fibonacci retracement level.
On the other hand, the rate might get retraced by the dominant pattern line at the 1.2800 mark to push the rate to trade at the 1.2700 level during the day.