The British pound dropped 1.08. % against the US Dollar since Friday’s session due to fundamentals. The currency exchange rate went down passing through the most technical indicators, locating at 1.3100 level on Monday.
In the near-term future, the rate should move downwards to trade in the 1.3050 level due to the resistance of the 200-hour and other influential technical indicators, which are located between the 1.3200 level and the 1.3140 level.
Besides, the 55– hour and the 100-hour simple moving averages will try to catch up the rate during the trading session.
The British pound appreciated 0.40% against the US Dollar since Monday’s session. The rate was moving sideways during the previous session to allocate the rate at the 1.3131 mark during Tuesday morning hours.
In the near-term future, most likely, the rate will break the weekly PP at the 1.3144 mark and the 50.00% Fibo to trade at the 1.3160 level. The 200-hour simple moving average should support the rate to push it through the mentioned technical indicators during the trading session on Tuesday.
On the other side, the simple moving averages could resist the rate to push it downwards to trade at the 1.3050 level.
The British pound appreciated 0.50% against the US Dollar since Tuesday’s session. On Wednesday morning, the rate was located at the 1.3177 mark between the monthly R1 at 1.3185 level and the 50.00% Fibo.
In the near-term future, most likely, the rate will break the monthly R1 at the 1.3185 due to support of the 100-hour SMA and the large descending pattern upper boundary line. The rate may be traded at 1.3200 level on Wednesday.
On the other hand, the resistance of the monthly R1 at the 1.3185 mark could push the rate to trade downside near the weekly PP at the 1.3144 mark. The predictions may be broken by fundamentals. Watch out for news!
The British pound depreciated 0.97% against the US Dollar since Thursday’s session. On Friday morning, the rate was located at the 1.3067 mark.
In the near-term future, most likely, the rate will keep trading downwards due to a lock of the technical indicators and any support levels which might stop the British pound from bearish outlook on Friday. The rate might fall below the 1.30 level in the next couple of days.
On the other hand, the UK Current Account data release at 8:30 GMT on Friday may change the direction of the currency pair to recover itself from trading near the bottom boundary of the medium ascending line at the 1.3140 mark.