During Friday’s trading session, the British Pound was trading sideways to end the trading session at the 1.3000 mark. On Monday morning, the British pound was supported by the 55– hour simple moving average to trade at the 1.2995 mark.
In regards to the near-term future, the British Pound will keep moving sideways to stay at the 1.3000 level. The 55-hour simple moving average will support the British Pound during the trading session on Monday.
On the other side, the British Pound could trade downside towards the monthly pivot point at the 1.2901 mark after today’s UK Services PMI data release at 9:30 GMT.
In regards to the near-term future, the British Pound will keep moving sideways to stay at the 1.3000 level. The 55-hour simple moving average will support the British Pound during the trading session on Monday.
On the other side, the British Pound could trade downside towards the monthly pivot point at the 1.2901 mark after today’s UK Services PMI data release at 9:30 GMT.
Comment:
During Tuesday’s trading session, the British Pound broke the resistance of the medium ascending pattern line to end the trading session at the 1.3105 mark. On Wednesday morning, the British pound was located between the 50.00% Fibo and the monthly R1 to trade at the 1.3143 mark.
In regards to the near-term future, most likely, the British Pound will be resisted by the dominant pattern line at 1.3160 mark. It is expected that the rate will be trading at the 1.3120 level during the trading session on Wednesday.
On the other side, the 50.00% Fibo at 1.3163 mark could support the rate to break the resistance of the dominant pattern line at the 1.3160 mark to trade at the 1.3200 level during the day.
During Tuesday’s trading session, the British Pound broke the resistance of the medium ascending pattern line to end the trading session at the 1.3105 mark. On Wednesday morning, the British pound was located between the 50.00% Fibo and the monthly R1 to trade at the 1.3143 mark.
In regards to the near-term future, most likely, the British Pound will be resisted by the dominant pattern line at 1.3160 mark. It is expected that the rate will be trading at the 1.3120 level during the trading session on Wednesday.
On the other side, the 50.00% Fibo at 1.3163 mark could support the rate to break the resistance of the dominant pattern line at the 1.3160 mark to trade at the 1.3200 level during the day.
Comment:
During Wednesday’s trading session, the 50.00% Fibo stopped the British Pound from the surge to end the trading session at the 1.3123 mark. On Thursday morning, the British pound was located between the 50.00% Fibonacci retracement level and the monthly R1 to trade at the 1.3123 mark.
In regards to the near-term future, most likely, the British Pound will surge upwards breaking the resistance of the upper boundary of the descending dominant pattern line at the 1.3150 mark to trade at the 1.3200 level. The 55-hour simple moving average should support the surge during the trading session on Thursday.
However, the 50.00% Fibonacci retracement level could resist the currency exchange pair to push the decline to the 1.3050 level.
During Wednesday’s trading session, the 50.00% Fibo stopped the British Pound from the surge to end the trading session at the 1.3123 mark. On Thursday morning, the British pound was located between the 50.00% Fibonacci retracement level and the monthly R1 to trade at the 1.3123 mark.
In regards to the near-term future, most likely, the British Pound will surge upwards breaking the resistance of the upper boundary of the descending dominant pattern line at the 1.3150 mark to trade at the 1.3200 level. The 55-hour simple moving average should support the surge during the trading session on Thursday.
However, the 50.00% Fibonacci retracement level could resist the currency exchange pair to push the decline to the 1.3050 level.
During Monday’s trading session, the British Pound was supported by the 55-hour simple moving average to end the trading session at the 1.3050 mark. On Tuesday morning, the British pound was located near the bottom boundary of the medium ascending pattern line at the 1.3050 mark.
In regards to the near-term future, the British Pound will be supported by the medium ascending pattern line and the 55-hour SMA to surge towards the 50.00 % Fibo at 1.3163 mark. Most likely, the rate will trade at the 1.3050 level on Tuesday.
On the other side, the rate could pass through the 55-hour SMA support if the US Dollar will appreciate against the British Pound during today’s US Congressional Elections. In this case, the rate might move towards the monthly PP at 1.2907 mark.