During Tuesday’s trading session, the currency exchange rate was trading near the weekly S1 at 1.2750 to end the trading session at the 1.2737 mark. On Wednesday morning, the British Pound was located at the 1.2746 mark.
In regards to the near-term future, most likely, the resistance of the weekly S1 at the 1.2750 mark will push the British Pound to decline towards the weekly S2 at the 1.2676 mark during the trading session on Wednesday.
However, today’s UK Bank Stress Test Results could affect the rate to change its trading direction towards the 55-hour simple moving average at the 1.2789 mark.
In regards to the near-term future, most likely, the resistance of the weekly S1 at the 1.2750 mark will push the British Pound to decline towards the weekly S2 at the 1.2676 mark during the trading session on Wednesday.
However, today’s UK Bank Stress Test Results could affect the rate to change its trading direction towards the 55-hour simple moving average at the 1.2789 mark.
Comment:
During Thursday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at the 1.2781 mark. During Friday morning hours, the British Pound was resisted by the 55-hour and the 100-hour SMAs to trade at the 1.2781 mark.
In regards to the near-term future, most likely, the currency exchange rate will move downside due to the resistances of the 55-hour and the 100-hour SMAs which should push the British Pound to trade below the weekly S1 at 1.2750 mark.
On the other side, the rate might get supported by the weekly S1 at 1.2750 which could help the British pound to stay at previously drawn ascending medium pattern to trade at 1.2760 level during the trading session on Friday.
During Thursday’s trading session, the currency exchange rate was resisted by the 100-hour SMA to end the trading session at the 1.2781 mark. During Friday morning hours, the British Pound was resisted by the 55-hour and the 100-hour SMAs to trade at the 1.2781 mark.
In regards to the near-term future, most likely, the currency exchange rate will move downside due to the resistances of the 55-hour and the 100-hour SMAs which should push the British Pound to trade below the weekly S1 at 1.2750 mark.
On the other side, the rate might get supported by the weekly S1 at 1.2750 which could help the British pound to stay at previously drawn ascending medium pattern to trade at 1.2760 level during the trading session on Friday.
During Wednesday’s trading session, the currency exchange rate broke most of the technical indicators to end the trading session at the 1.2818 mark. During Thursday morning hours, the British Pound diminished to trade at the 1.2769 mark.
In regards to the near-term future, most likely, the currency exchange rate might trade sideways to stay between the weekly S1 at 1.2750 and the upper boundary of the descending pattern line. Besides, the weekly S1 at 1.2750 should support the rate during the trading session on Thursday.
However, the British Pound could be resisted by the 100-hour simple moving average to pass through the 55-hour simple moving average and the support of the weekly S1 to trade at 1.2700 level.