During Monday’s trading session, the currency exchange rate was trading sideways to end the trading session at the 1.2849 mark. On Tuesday morning, the British pound was located between the 55-hour and the 100-hour simple moving averages to trade at the 1.2830 mark.
In regards to the near-term future, most likely, the British Pound will keep moving sideways at the 1.2800 level due to the resistance of the most technical indicators which will not allow the rate to surge upwards during the trading session on Tuesday.
On the other side, the British Pound could depreciate against the US Dollar to trade near the bottom boundary of the descending medium pattern line at 1.2700 level.
In regards to the near-term future, most likely, the British Pound will keep moving sideways at the 1.2800 level due to the resistance of the most technical indicators which will not allow the rate to surge upwards during the trading session on Tuesday.
On the other side, the British Pound could depreciate against the US Dollar to trade near the bottom boundary of the descending medium pattern line at 1.2700 level.
Comment:
During Wednesday’s trading session, the currency exchange rate was trading sideways due to the resistances of the 55-hour and the 100-hour SMAs. On Thursday morning, the British Pound broke most of the technical indicators to trade at the 1.2895 level.
In regards to the near-term future, in all likelihood, the British Pound will surge upwards to meet the upper boundary of the descending medium pattern line at the 1.2955 level. It is expected that the rate will trade at the 1.2900 level.
However, the monthly pivot point at the 1.2907 could resist the British Pound to push the rate to trade sideways between the monthly PP at 1.2907 and the 62.20% Fibonacci retracement level at 1.2867 mark.
During Wednesday’s trading session, the currency exchange rate was trading sideways due to the resistances of the 55-hour and the 100-hour SMAs. On Thursday morning, the British Pound broke most of the technical indicators to trade at the 1.2895 level.
In regards to the near-term future, in all likelihood, the British Pound will surge upwards to meet the upper boundary of the descending medium pattern line at the 1.2955 level. It is expected that the rate will trade at the 1.2900 level.
However, the monthly pivot point at the 1.2907 could resist the British Pound to push the rate to trade sideways between the monthly PP at 1.2907 and the 62.20% Fibonacci retracement level at 1.2867 mark.
Comment:
During Thursday’s trading session, the currency exchange rate appreciated by 139 pips or 1.07% to end the trading session at the 1.2874 mark. On Friday morning, the British Pound was trading between the 200-hour and the 100-hour simple moving averages at the 1.2852 mark.
In regards to the near-term future, in all likelihood, the British Pound will trade upwards to break the 62.20% Fibonacci retracement level at 1.2867 to trade at the 1.2900 level. The 55-hour and the 100-hour simple moving averages will support the surge during the trading session on Friday.
However, the 200-hour SMA together with the resistance of the 62.20% Fibo could retrace the British Pound to trade downside to the 1.2800 level.
During Thursday’s trading session, the currency exchange rate appreciated by 139 pips or 1.07% to end the trading session at the 1.2874 mark. On Friday morning, the British Pound was trading between the 200-hour and the 100-hour simple moving averages at the 1.2852 mark.
In regards to the near-term future, in all likelihood, the British Pound will trade upwards to break the 62.20% Fibonacci retracement level at 1.2867 to trade at the 1.2900 level. The 55-hour and the 100-hour simple moving averages will support the surge during the trading session on Friday.
However, the 200-hour SMA together with the resistance of the 62.20% Fibo could retrace the British Pound to trade downside to the 1.2800 level.
During Tuesday’s trading session, the currency exchange rate was resisted by 200-hour simple moving average to end the trading session at the 1.2782 mark. During Wednesday morning hours, the British pound declined to trade at the 1.2793 mark.
In regards to the near-term future, in all likelihood, the British Pound will keep trading sideways to stay at the 1.2750 level during the trading session. Besides, the 55-hour and the 200-hour simple moving averages will resist the rate during the session.
On the other side, the British Pound could break the resistance of the simple moving averages to take its support to surge to the 1.2850 level.