During Friday’s trading session, the currency rate passed through the support of the 200-hour simple moving average to end the trading session at the 1.2936 mark. On Monday morning, the British pound passed through the supports of the monthly PP at 1.2907 and the weekly S1 at 1.2899 to trade at the 1.2892 mark.
In regards to the near-term future, the British Pound will depreciate towards the 62.20% Fibonacci retracement level at the 1.2867 mark. Most likely, the rate will bounce off the support level of the 62.20% Fibo to trade sideways at the 1.2880 level during the trading session on Monday.
On the other side, the rate could pass through the support of the 62.20% Fibo to depreciate even more to be traded near the weekly S2 at the 1.2820 level.
In regards to the near-term future, the British Pound will depreciate towards the 62.20% Fibonacci retracement level at the 1.2867 mark. Most likely, the rate will bounce off the support level of the 62.20% Fibo to trade sideways at the 1.2880 level during the trading session on Monday.
On the other side, the rate could pass through the support of the 62.20% Fibo to depreciate even more to be traded near the weekly S2 at the 1.2820 level.
Comment:
During Tuesday’s trading session, the currency rate broke the resistances of the 100-hour and the 200-hour SMAs to end the day at 1.3000. During Wednesday’s morning hours, the British pound was located between the 100-hour and the 200-hour SMAs to trade at the 1.2987 mark.
In regards to the near-term future, most likely, the British Pound will move sideways to stay at the 1.2950 level due to the resistances of the weekly pivot point at 1.3037 and the 200-hour simple moving average at the 1.3018 mark.
On the other side, the rate might break the resistances to trade at the 1.3050 level due to the support of the 100-hour simple moving average during today’s UK CPI data release at 9:30 GMT.
During Tuesday’s trading session, the currency rate broke the resistances of the 100-hour and the 200-hour SMAs to end the day at 1.3000. During Wednesday’s morning hours, the British pound was located between the 100-hour and the 200-hour SMAs to trade at the 1.2987 mark.
In regards to the near-term future, most likely, the British Pound will move sideways to stay at the 1.2950 level due to the resistances of the weekly pivot point at 1.3037 and the 200-hour simple moving average at the 1.3018 mark.
On the other side, the rate might break the resistances to trade at the 1.3050 level due to the support of the 100-hour simple moving average during today’s UK CPI data release at 9:30 GMT.
Comment:
During Wednesday’s trading session, the currency exchange rate met the upper boundary of the descending medium pattern line to end the trading day at the1.2980 mark. During Thursday morning hours, the British pound slumped by 228 pips or 1.75% to trade at the 1.2805 mark. The slump was resulted by the Brexit uncertainty news at the UK Government.
In regards to the near-term future, most likely, the British Pound will meet the bottom boundary of the descending medium pattern line at the 1.2750 mark to trade at 1.2700 level during Thursday’s trading session.
On the other side, the British Pound could bounce off the medium pattern line at 1.2750 to recover itself to trade near the weekly S2 at the 1.2820 mark.
During Wednesday’s trading session, the currency exchange rate met the upper boundary of the descending medium pattern line to end the trading day at the1.2980 mark. During Thursday morning hours, the British pound slumped by 228 pips or 1.75% to trade at the 1.2805 mark. The slump was resulted by the Brexit uncertainty news at the UK Government.
In regards to the near-term future, most likely, the British Pound will meet the bottom boundary of the descending medium pattern line at the 1.2750 mark to trade at 1.2700 level during Thursday’s trading session.
On the other side, the British Pound could bounce off the medium pattern line at 1.2750 to recover itself to trade near the weekly S2 at the 1.2820 mark.
Comment:
During Thursday’s trading session, the currency exchange rate passed through most of the technical indicators to end the trading session at the1.2765 mark. On Friday morning, the British pound was trading sideways at the 1.2800 level.
In regards to the near-term future, most likely, the British Pound might get resisted by the weekly S2 at 1.2820 mark to trade downwards near the bottom boundary of the medium descending pattern line at the 1.2700 level. Besides, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
On the other side, the British Pound could break the resistance of the weekly S2 at 1.2820 mark to trade near the 62.20% Fibonacci retracement level at the 1.2864 mark.
During Thursday’s trading session, the currency exchange rate passed through most of the technical indicators to end the trading session at the1.2765 mark. On Friday morning, the British pound was trading sideways at the 1.2800 level.
In regards to the near-term future, most likely, the British Pound might get resisted by the weekly S2 at 1.2820 mark to trade downwards near the bottom boundary of the medium descending pattern line at the 1.2700 level. Besides, the 55-hour and the 100-hour simple moving averages will try to catch up the rate during the day.
On the other side, the British Pound could break the resistance of the weekly S2 at 1.2820 mark to trade near the 62.20% Fibonacci retracement level at the 1.2864 mark.
During Monday’s trading session, the currency rate passed through the support of the 62.20% Fibo to trade near the weekly S2 at 1.2820 as it was expected. The rate ended up the Monday’s trading session at the 1.2852 mark. On Tuesday morning, the British pound was located between the weekly S1 and the 62.20% Fibonacci retracement level to trade at the 1.2872 mark.
In regards to the near-term future, the British Pound will depreciate to the 1.2750 level due to the resistances of the weekly S1 at 1.2899, the monthly pivot point at 1.2907 and the 55-hour simple moving average.
On the other side, the rate might surge to 1.2950 level during today’s UK Average Earnings Index at 9:30 GMT. Watch out for the news!