During Monday morning hours, the 62.20% Fibonacci retracement level at 1.2867 retraced the rate to the 1.2835 mark.
In regards to the near-term future, most likely, that the British Pound will get appreciated against the US Dollar to break the resistance level of the 62.20% Fibo to trade at the 1.2900 level. Moreover, the 55-hour and the 100-hour SMAs will support the rate during the trading session.
However, the GBP/USD could keep trading sideways between the 62.20% Fibo and the weekly PP due to a lack of any significant fundamental news which could affect the rate during the day!
In regards to the near-term future, most likely, that the British Pound will get appreciated against the US Dollar to break the resistance level of the 62.20% Fibo to trade at the 1.2900 level. Moreover, the 55-hour and the 100-hour SMAs will support the rate during the trading session.
However, the GBP/USD could keep trading sideways between the 62.20% Fibo and the weekly PP due to a lack of any significant fundamental news which could affect the rate during the day!
Comment:
During Tuesday’s trading session, the UK Parliament voted to reject the passage of the deal. The vote results caused high volatility of 220 pips or 1.73% to push the rate to the 1.2670 mark. On Wednesday morning, the currency exchange rate was trading at the previously drawn pattern at 1.2867.
In regards to the near-term future, most likely, the British Pound will continue to surge towards the upper boundary of the descending dominant pattern line at 1.2911.
However, the British Pound could be depreciated against the US Dollar during today’s UK CPI data release at 9:30 which might push the rate to the 1.2805 mark.
During Tuesday’s trading session, the UK Parliament voted to reject the passage of the deal. The vote results caused high volatility of 220 pips or 1.73% to push the rate to the 1.2670 mark. On Wednesday morning, the currency exchange rate was trading at the previously drawn pattern at 1.2867.
In regards to the near-term future, most likely, the British Pound will continue to surge towards the upper boundary of the descending dominant pattern line at 1.2911.
However, the British Pound could be depreciated against the US Dollar during today’s UK CPI data release at 9:30 which might push the rate to the 1.2805 mark.
Comment:
During the previous trading session, the rate was supported by the 55-hour SMA to trade sideways at the 1.2840 level. On Thursday morning, the rate was located at 1.2872.
It is expected that the British Pound will be supported by the SMAs and the 62.30% Fibo at 1.2864 to push the rate towards the medium pattern line at 1.2908. Most likely, the medium pattern line will retrace the British Pound to the 1.2800 level.
On the other hand, the support levels could push the rate to break the resistance of the medium pattern line towards the weekly R2 at 1.2964.
During the previous trading session, the rate was supported by the 55-hour SMA to trade sideways at the 1.2840 level. On Thursday morning, the rate was located at 1.2872.
It is expected that the British Pound will be supported by the SMAs and the 62.30% Fibo at 1.2864 to push the rate towards the medium pattern line at 1.2908. Most likely, the medium pattern line will retrace the British Pound to the 1.2800 level.
On the other hand, the support levels could push the rate to break the resistance of the medium pattern line towards the weekly R2 at 1.2964.
Comment:
During Thursday’s trading session, the currency exchange rate broke the upper boundary of the medium pattern line at the 1.2908 mark. Note, due to that fact, the pattern was corrected!
In regards to the near-term future, most likely, the British Pound will continue appreciating against the US Dollar towards the 1.3000 level. Besides, the 55-hour and the 100-hour SMAs will support the surge during the day.
However, the British Pound could depreciate against the US Dollar at any time due to uncertainty with the Brexit deal. Stay tuned to the latest news!
During Thursday’s trading session, the currency exchange rate broke the upper boundary of the medium pattern line at the 1.2908 mark. Note, due to that fact, the pattern was corrected!
In regards to the near-term future, most likely, the British Pound will continue appreciating against the US Dollar towards the 1.3000 level. Besides, the 55-hour and the 100-hour SMAs will support the surge during the day.
However, the British Pound could depreciate against the US Dollar at any time due to uncertainty with the Brexit deal. Stay tuned to the latest news!
During the previous trading session, the rate traded between the 62.20% Fibo and the weekly PP as it was expected! On Tuesday, the currency exchange rate was resisted to 1.2860 by the upper boundary of the dominant pattern line at the 1.2916 mark.
Today is a critical day for the United Kingdom history due to the Parliament Brexit Vote which will occur at any time during the day. Note that the Brexit Vote results cannot be predicted!
However, the Dukascopy Analytical Department thinks, that the British Pound might depreciate against the US Dollar to pass through most of the technical indicators to trade below the monthly pivot point at the 1.2650 level.