During Friday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at the 1.2745 mark. On Monday morning, the British Pound was trading between the 200-hour and the 100-hour simple moving averages at the 1.2780 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways during the day. It is expected that the 200-hour simple moving average will resist the rate to trade below the weekly pivot point at the 1.2782 mark.
However, the 100-hour simple moving average could support the British Pound to trade above the weekly pivot point at the 1.2780 level on Monday.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways during the day. It is expected that the 200-hour simple moving average will resist the rate to trade below the weekly pivot point at the 1.2782 mark.
However, the 100-hour simple moving average could support the British Pound to trade above the weekly pivot point at the 1.2780 level on Monday.
Comment:
During Tuesday’s trading session, the currency exchange rate depreciated by 1.41% or 181 pips due to a high volatility created by the Brexit uncertainty. During Wednesday’s morning hours, the British Pound was resisted by the 55-hour simple moving average to trade at the 1.2740 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade downside due to the resistance of the technical indicators which might resist the currency rate to trade near the weekly S1 at the 1.2707 mark.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Services PMI data release at 9:30 AM to trade at the 1.2800 level
During Tuesday’s trading session, the currency exchange rate depreciated by 1.41% or 181 pips due to a high volatility created by the Brexit uncertainty. During Wednesday’s morning hours, the British Pound was resisted by the 55-hour simple moving average to trade at the 1.2740 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade downside due to the resistance of the technical indicators which might resist the currency rate to trade near the weekly S1 at the 1.2707 mark.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Services PMI data release at 9:30 AM to trade at the 1.2800 level
Comment:
During Wednesday’s trading session, the currency exchange rate passed through the SMA’s to end the trading session at the 1.2719 mark. During Thursday’s morning hours, the British Pound was trading near the weekly S1 at 1.2729.
In regards to the near-term future, most likely, the currency exchange rate will keep the trade downwards due to the resistance of the simple moving average. Besides, it is expected that the currency exchange rate will pass through the support of the weekly S1 at 1.2700 to trade below the bottom boundary of the previously drawn pattern at the 1.2680 mark.
However, during today’s US fundamental events, the British Pound could appreciate against the US Dollar to trade at the 1.2740 level.
During Wednesday’s trading session, the currency exchange rate passed through the SMA’s to end the trading session at the 1.2719 mark. During Thursday’s morning hours, the British Pound was trading near the weekly S1 at 1.2729.
In regards to the near-term future, most likely, the currency exchange rate will keep the trade downwards due to the resistance of the simple moving average. Besides, it is expected that the currency exchange rate will pass through the support of the weekly S1 at 1.2700 to trade below the bottom boundary of the previously drawn pattern at the 1.2680 mark.
However, during today’s US fundamental events, the British Pound could appreciate against the US Dollar to trade at the 1.2740 level.
Comment:
The British currency on Thursday found support in the pivot point at 1.2700 and surged through various simple moving averages to reconfirm the upper trend line of the large scale descending pattern near 1.2800.
By the middle of Friday's trading session the GBP/USD was retreating downwards from one support level to another. The pair was expected to pass the support levels at 1.2750 and decline down to the 1.2700 level. Afterwards, the lower trend line of a medium scale pattern near 1.2680 should be approached.
Meanwhile, note that any of the support levels might stop the decline. Moreover, the Brexit news still highly impact all of the GBP pairs causing sudden swings up and down.
By the middle of Friday's trading session the GBP/USD was retreating downwards from one support level to another. The pair was expected to pass the support levels at 1.2750 and decline down to the 1.2700 level. Afterwards, the lower trend line of a medium scale pattern near 1.2680 should be approached.
Meanwhile, note that any of the support levels might stop the decline. Moreover, the Brexit news still highly impact all of the GBP pairs causing sudden swings up and down.
During Monday’s trading session, the currency exchange rate depreciated by 0.82% to end the trading session at the 1.2719 mark. During Tuesday’s morning hours, the British Pound was resisted by the 55-hour simple moving average to trade at the 1.2749 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade downside towards the weekly S1 at 1.2700. In addition, today’s UK Construction PMI data release at 9:30 GMT could support the downtrend for the currency exchange pair during the day.
On the other side, the data release could push the rate to trade near the weekly PP at the 1.2782 mark.