During the previous trading session, the British Pound has appreciated against the US Dollar to break through most of the technical indicators to end the trading session at 1.2901. On Monday morning, the rate was located between the monthly PP and the 200-hour SMA at the 1.2910 mark.
Most likely, the support level of the 200-hour simple moving average will support the currency exchange rate to push it to break the resistance of the monthly PP at 1.2924. In this case, the rate will be trading at the 1.2900 level.
On the other hand, the resistance of the monthly PP at 1.2924 could resist the rate to pass through the support level of the 200-hour SMA to trade near the weekly PP at the 1.2874 mark.
Most likely, the support level of the 200-hour simple moving average will support the currency exchange rate to push it to break the resistance of the monthly PP at 1.2924. In this case, the rate will be trading at the 1.2900 level.
On the other hand, the resistance of the monthly PP at 1.2924 could resist the rate to pass through the support level of the 200-hour SMA to trade near the weekly PP at the 1.2874 mark.
Comment:
During Tuesday’s trading session, the British Pound appreciated against the US Dollar by 143 pips or 1.11% to end the trading session at 1.3055. On Wednesday morning, the rate slumped to the 1.3030 mark.
Due to a massive surge during yesterday’s trading day, it is expected that the rate might trade sideways during today’s trading session. Most likely, the British Pound will trade at the 1.3000 level.
However, the British Pound could depreciate against the US Dollar towards the monthly PP at 1.2924 during today’s US FOMC Meeting Minutes release at 19:00 GMT.
During Tuesday’s trading session, the British Pound appreciated against the US Dollar by 143 pips or 1.11% to end the trading session at 1.3055. On Wednesday morning, the rate slumped to the 1.3030 mark.
Due to a massive surge during yesterday’s trading day, it is expected that the rate might trade sideways during today’s trading session. Most likely, the British Pound will trade at the 1.3000 level.
However, the British Pound could depreciate against the US Dollar towards the monthly PP at 1.2924 during today’s US FOMC Meeting Minutes release at 19:00 GMT.
Comment:
During Wednesday’s trading session, the currency exchange rate traded sideways to end the trading session at 1.3000 as it was predicted. On Thursday morning, the rate to broke the weekly R2 to trade at the 1.3068 mark. Note, the chart was reviewed and some corrections were applied!
Most likely, the British Pound will trade sideways to stay above the weekly R2 at 1.3060 during the day. Meanwhile, the 55-hour simple moving average will try to catch up on the rate.
On the other hand, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the rate to pass the weekly R2 at 1.3060 to trade at the 1.3000 level.
During Wednesday’s trading session, the currency exchange rate traded sideways to end the trading session at 1.3000 as it was predicted. On Thursday morning, the rate to broke the weekly R2 to trade at the 1.3068 mark. Note, the chart was reviewed and some corrections were applied!
Most likely, the British Pound will trade sideways to stay above the weekly R2 at 1.3060 during the day. Meanwhile, the 55-hour simple moving average will try to catch up on the rate.
On the other hand, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the rate to pass the weekly R2 at 1.3060 to trade at the 1.3000 level.
Comment:
During the previous trading session, the rate passed through the 55-hour simple moving average to end the trading session at the 1,3000 as it was expected. On Friday morning, the British Pound was trading between the 55-hour and the 100-hour simple moving averages at the 1,3022 mark.
In regards to the near-term future, most likely, the currency exchange rate will get the support of the 100-hour SMA to surge towards the resistance of the weekly R2 at 1,3060.
On the other hand, the 55-hour simple moving average could resist the British Pound to push the rate to trade sideways at the 1,3000 level.
During the previous trading session, the rate passed through the 55-hour simple moving average to end the trading session at the 1,3000 as it was expected. On Friday morning, the British Pound was trading between the 55-hour and the 100-hour simple moving averages at the 1,3022 mark.
In regards to the near-term future, most likely, the currency exchange rate will get the support of the 100-hour SMA to surge towards the resistance of the weekly R2 at 1,3060.
On the other hand, the 55-hour simple moving average could resist the British Pound to push the rate to trade sideways at the 1,3000 level.
During the previous trading session, the British Pound traded sideways to stay at 1.2900 as it was expected. On Tuesday morning, the rate was located below the monthly pivot point at the 1.2914 mark.
In regards to the near-term future, most likely, the currency exchange rate will be supported by the 200-hour simple moving average to break the resistance of the monthly pivot point at 1.2924. In this case, the rate will end the trading session at the 1.2950 level.
Moreover, the during today’s UK Average Earnings Index release at 9:30 GMT, the British Pound depreciated against the US Dollar by 12 pips or 0.09% to push the rate towards the 200-hour simple moving average at the 1.2914 mark.