During Friday’s trading session, the currency exchange rate passed through the support of the monthly S1 at 1.2596 to end the trading session at the 1.2575 mark. During Monday’s morning hours, the British Pound was resisted by the 100-hour SMA to trade at the 1.2577 mark.
It is expected that the British Pound will depreciate against the US Dollar to continue trading downwards the weekly S1 at the 1.2457 mark. The 100-hour SMA will resist the rate to push the rate to depreciate during the day.
However, the currency exchange rate could break the resistance levels of the technical indicators to trade near the descending medium pattern line at the 1.2650 mark.
It is expected that the British Pound will depreciate against the US Dollar to continue trading downwards the weekly S1 at the 1.2457 mark. The 100-hour SMA will resist the rate to push the rate to depreciate during the day.
However, the currency exchange rate could break the resistance levels of the technical indicators to trade near the descending medium pattern line at the 1.2650 mark.
Comment:
During the previous session, the British Pound was supported by the 200-hour simple moving average to trade at the 1.2660 level. On Wednesday, the currency exchange rate was trading at the 1.2640 level.
Most likely, the British Pound will keep trading sideways to stay at the 1.2640 level. Moreover, the 55-hour and the 200-hour simple moving averages will support the rate during the day.
On the other side, during today’s UK CPI y/y data release at 9:30 GMT, the British Pound could break the resistance of the descending medium pattern line at 1.2680 level to move towards the weekly R1 at the 1.2740 mark.
During the previous session, the British Pound was supported by the 200-hour simple moving average to trade at the 1.2660 level. On Wednesday, the currency exchange rate was trading at the 1.2640 level.
Most likely, the British Pound will keep trading sideways to stay at the 1.2640 level. Moreover, the 55-hour and the 200-hour simple moving averages will support the rate during the day.
On the other side, during today’s UK CPI y/y data release at 9:30 GMT, the British Pound could break the resistance of the descending medium pattern line at 1.2680 level to move towards the weekly R1 at the 1.2740 mark.
Comment:
On Wednesday, the British Pound was trading sideways to stay inside the previously drawn medium pattern. During Thursday’s morning hours, the rate was supported by the 55-hour SMA to trade at 1.2665 mark.
The British Pound waits for a break-out which might occur during today’s UK Retail Sales m/m data release at 9:30 GMT. The rate could break the resistance of the upper boundary of the medium pattern at 1.2600 to trade at the 1.2700 level.
However, the currency exchange rate could trade downside to pass through the monthly S1 to trade at the 1.2560 level during the trading session on Thursday.
On Wednesday, the British Pound was trading sideways to stay inside the previously drawn medium pattern. During Thursday’s morning hours, the rate was supported by the 55-hour SMA to trade at 1.2665 mark.
The British Pound waits for a break-out which might occur during today’s UK Retail Sales m/m data release at 9:30 GMT. The rate could break the resistance of the upper boundary of the medium pattern at 1.2600 to trade at the 1.2700 level.
However, the currency exchange rate could trade downside to pass through the monthly S1 to trade at the 1.2560 level during the trading session on Thursday.
Comment:
On Friday, the GBP/USD traded still below the 1.2700 level, which continued to provide resistance.
However, the rate had retreated down to the lower trend line of a medium scale ascending pattern, which has been guiding the pair through the last couple of months.
Due to that reason it is expected that throughout the next week the rate will continue its surge, as it is highly unlikely that fundamental Brexit events will take place during the Christian holiday week.
Meanwhile, note that Dukascopy Analytics will be off during the next week. No technical or fundamental analysis articles will be created by the team.
However, the rate had retreated down to the lower trend line of a medium scale ascending pattern, which has been guiding the pair through the last couple of months.
Due to that reason it is expected that throughout the next week the rate will continue its surge, as it is highly unlikely that fundamental Brexit events will take place during the Christian holiday week.
Meanwhile, note that Dukascopy Analytics will be off during the next week. No technical or fundamental analysis articles will be created by the team.
The British Pound was trading sideways to stay at the 1.2600 level during the previous session. On Tuesday morning, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.2633 mark.
The British Pound will trade downwards during the day. Most likely, the rate will get resisted by the 200-hour SMA to pass through the most of the technical indicators to trade below to the monthly S1 at 1.2596.
On the other side, the British Pound could appreciate against the US Dollar to break the descending medium pattern line at 1.2600 mark to trade towards the weekly R1 at the 1.2740 mark.