In regards to the near term future, most likely, the currency exchange rate will be trading sideways to stay at the 1.3000 level during the day.
On the other hand, the US Dollar might appreciate against the British pound during today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT to fall to the monthly S2 at the 1.2905 level.
During the previous trading session, the British Pound skyrocketed to 1.3250 breaking most of the technical indicators. On Tuesday morning, the currency exchange rate was depreciating towards the previously drawn pattern line to be located at the 1.3147 mark.
It is expected that the 100-hour simple moving average and together with the monthly pivot point support level will push the rate towards the 1.3200 level.
On the other hand, today’s US Consumer Price Index and Core Consumer Price Index data release at 12:30 GMT might depreciate British Pound against the US Dollar to push the rate to return to the previously drawn pattern at 1.3000.
During Tuesday’s trading session, the currency exchange rate had high volatility due to the United Kingdom Parliament’s meeting on Brexit deal. On Wednesday morning, the rate was supported by the monthly PP to trade at the 1.3140 mark.
In regards to the near-term future, most likely, the rate could pass through most of the technical indicators to end the trading session below the weekly pivot point at the 1.3000 level.
However, today’s US Core Durable Goods Orders, Durable Goods Orders, US PPI data release at 12:30 GMT might push the rate to break the weekly R1 at 1.3187 to trade at the 1.3200 level for the rest of the trading session.
During Wednesday’s trading session, the British Pound surged to the 1.3300 level due to Brexit deal talks. On Thursday morning, the rate depreciated to the 1.3261 mark.
In regards to the near-term future, most likely, the currency exchange rate will expect another day of high volatility on the GBP/USD chart due to another Brexit deal meeting at the UK’s parliament. Besides, most likely, the rate might break through the medium pattern line to trade near 38.20% Fibo at 1.3449.
Note, It is very important to stay informed about Brexit deal news during the day!
During Thursday’s trading session, the British Pound traded sideways to stay at 1.3200. On Friday morning, the rate was supported by the 55-hour simple moving average to trade at the 1.3264 mark.
In regards to the near-term future, most likely, the currency exchange rate will keep surging towards the weekly R2 at the 1.3355 mark.
It is expected that the rate will end today’s trading session at the 1.3300 level.