During Monday’s trading session, the British Pound was supported by the 200-hour simple moving average to stay at 1.3180. On Tuesday morning, the currency exchange rate broke the support level of the 200-hour SMA to be located below the 50.00% Fibo at the 1.3155 mark.
It is expected that the rate will be trading sideways between the 50.00% Fibo and the monthly pivot point at 1.3129. More likely, the rate will end the trading session at the 1.3140 level!
On the other hand, the 50.00% Fibonacci retracement level could resist the British Pound to depreciate against the US Dollar to the bottom boundary of the pattern line at 1.3100.
It is expected that the rate will be trading sideways between the 50.00% Fibo and the monthly pivot point at 1.3129. More likely, the rate will end the trading session at the 1.3140 level!
On the other hand, the 50.00% Fibonacci retracement level could resist the British Pound to depreciate against the US Dollar to the bottom boundary of the pattern line at 1.3100.
Comment:
During Wednesday’s trading session, the rate traded sideways between the 55-hour and the 100-hour simple moving averages to end the trading session at 1.3150. On Thursday morning, the currency exchange rate was located above the 50.00% Fibo at the 1.3165 mark.
In regards to the near term future, most likely, the 100-hour simple moving average will resist the rate to break the medium pattern line at 1.3150 mark to depreciate towards the monthly pivot point at 1.3129.
On the other hand, the 55-hour simple moving average could support the rate to push the rate to stay at the 1.3150 level during the day.
During Wednesday’s trading session, the rate traded sideways between the 55-hour and the 100-hour simple moving averages to end the trading session at 1.3150. On Thursday morning, the currency exchange rate was located above the 50.00% Fibo at the 1.3165 mark.
In regards to the near term future, most likely, the 100-hour simple moving average will resist the rate to break the medium pattern line at 1.3150 mark to depreciate towards the monthly pivot point at 1.3129.
On the other hand, the 55-hour simple moving average could support the rate to push the rate to stay at the 1.3150 level during the day.
Comment:
During Thursday’s trading session, the 55-hour simple moving average retraced the currency exchange rate to pass through the support of the monthly pivot point towards the 1.3050 level. On Friday morning, the rate was located at the 1.3100 mark.
In regards to the near term future, the rate will trade downwards to pass through the support of the weekly S1 at 1.3057. Most likely, the rate will stay at 1.3000 level.
Moreover, today’s US Employment data set release at 13:30 GMT could support the downtrend.
During Thursday’s trading session, the 55-hour simple moving average retraced the currency exchange rate to pass through the support of the monthly pivot point towards the 1.3050 level. On Friday morning, the rate was located at the 1.3100 mark.
In regards to the near term future, the rate will trade downwards to pass through the support of the weekly S1 at 1.3057. Most likely, the rate will stay at 1.3000 level.
Moreover, today’s US Employment data set release at 13:30 GMT could support the downtrend.
On Tuesday, the rate traded sideways to end the trading session at the 1.3140 level as it was expected! During Wednesday’s morning hours, the currency exchange rate kept trading sideways to be located at the 1.3144 mark.
In regards to the near term future, most likely, the British Pound will bounce off the resistance of the 50.00% Fibonacci retracement level at 1.3163 to pass through the monthly pivot point at 1.3129.
Moreover, it is predicted that the British Pound could depreciate against the US Dollar to the 1.3050 level.