During Monday’s trading session, the currency exchange rate dropped by 253 pips or 1.98% due to Brexit uncertainty to end the trading session at the 1.2500 level. During Tuesday’s morning hours, the British Pound was supported by the weekly S2 to keep trading the at 1.2560 level.
In regards to the near-term future, most likely, the currency exchange rate will keep depreciating towards the weekly S3 at the 1.2470 mark. Besides, the rate to could reach the monthly S2 at the 1.2435 due to a lack of any significant support levels.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Average Earnings Index 3m/y data release at 9:30 GMT to push the rate to recover itself to the 1.2600 level during the trading session on Tuesday.
In regards to the near-term future, most likely, the currency exchange rate will keep depreciating towards the weekly S3 at the 1.2470 mark. Besides, the rate to could reach the monthly S2 at the 1.2435 due to a lack of any significant support levels.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Average Earnings Index 3m/y data release at 9:30 GMT to push the rate to recover itself to the 1.2600 level during the trading session on Tuesday.
Comment:
During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour to end the trading session at the 1.2631 mark. During Thursday’s morning hours, the British Pound broke the resistance of the 100-hour simple moving average to trade at the 1.2682 mark.
In regards to the near-term future, most likely, the 200-hour SMA will try to resist the currency exchange rate to push the rate to trade sideways during the trading session on Thursday. Besides, it is expected that the British Pound will continue trading in the medium pattern at the 1.2555 level.
On the other side, the British Pound could break the resistance of the 200-hour simple moving average to trade above the weekly pivot point at the 1.2750 level.
During Wednesday’s trading session, the currency exchange rate was resisted by the 100-hour to end the trading session at the 1.2631 mark. During Thursday’s morning hours, the British Pound broke the resistance of the 100-hour simple moving average to trade at the 1.2682 mark.
In regards to the near-term future, most likely, the 200-hour SMA will try to resist the currency exchange rate to push the rate to trade sideways during the trading session on Thursday. Besides, it is expected that the British Pound will continue trading in the medium pattern at the 1.2555 level.
On the other side, the British Pound could break the resistance of the 200-hour simple moving average to trade above the weekly pivot point at the 1.2750 level.
Comment:
By the middle of Friday's trading session, the GBP/USD had continued to decline until it reached the support provided by a pivot point at the 1.2565 level. The rate bounced off this support.
In the near future, it is expected that the rate will continue to decline, as a downward trend can be observed during the last couple of days. If the rate passes the 1.2565 level, it should plummet down to 1.2470 level.
Although, take into account that Brexit talks rule over technical analysis and any announcement can cause a sudden surge upwards or be the initiator for a decline down to the 1.2470 mark.
By the middle of Friday's trading session, the GBP/USD had continued to decline until it reached the support provided by a pivot point at the 1.2565 level. The rate bounced off this support.
In the near future, it is expected that the rate will continue to decline, as a downward trend can be observed during the last couple of days. If the rate passes the 1.2565 level, it should plummet down to 1.2470 level.
Although, take into account that Brexit talks rule over technical analysis and any announcement can cause a sudden surge upwards or be the initiator for a decline down to the 1.2470 mark.
During Tuesday’s trading session, the currency exchange rate was resisted by the 55-hour SMA to pass through the support levels of the monthly S1 and the weekly S2 . During Wednesday’s morning hours, the British Pound was located between the weekly S2 and the weekly S3 to trade at the 1.2537 mark.
In regards to the near-term future, most likely, the currency exchange rate will break the resistance of the 55-hour SMA to use the technical indicator as a support level to break through the monthly S2 at 1.2565 to trade near the 1.2555 level.
On the other side, the rate could be resisted by the 55-hour simple moving average to push the British pound to pass through the support level of the monthly S2 at 1.2435 to trade at the 1.2400 level during the trading session on Wednesday.