During Friday’s trading session, the British Pound surged towards the 62.20 % Fibo to end the trading day at 1.2824 mark. On Monday morning, the rate was resisted by the 55-hour SMA to trade at the 1.2814 mark.
In regards to the near-term future, most likely, the British pound will pass through the support of the monthly S1 at 1.2778 due to the resistance of the 55-hour simple moving average.
On the other hand, the support of the monthly S1 at 1.2778 could support the rate to stimulate the currency exchange pair to break the resistance of the 55-hour SMA to surge towards the 62.20% Fibo on Monday.
In regards to the near-term future, most likely, the British pound will pass through the support of the monthly S1 at 1.2778 due to the resistance of the 55-hour simple moving average.
On the other hand, the support of the monthly S1 at 1.2778 could support the rate to stimulate the currency exchange pair to break the resistance of the 55-hour SMA to surge towards the 62.20% Fibo on Monday.
Comment:
During Tuesday’s trading session, the British Pound was testing the support level of the weekly S1 at 1.2711 to end the trading day at the 1.2703 mark. On Wednesday morning, the rate was located at the 1.2740 mark.
In regards to the near-term future, most likely, the British pound will trade sideways due to support of the weekly S1 at 1.2711 and the resistance of the monthly S1 at 1.2778. The 55-hour simple moving average will try to catch up the rate during the trading session to give an additional resistance to push the rate below of the weekly S1 to trade at 1.2650 level.
Note, the US Dollar could depreciate against the British Pound during today's fundamental news which could force the rate to trade above the monthly S1 level.
During Tuesday’s trading session, the British Pound was testing the support level of the weekly S1 at 1.2711 to end the trading day at the 1.2703 mark. On Wednesday morning, the rate was located at the 1.2740 mark.
In regards to the near-term future, most likely, the British pound will trade sideways due to support of the weekly S1 at 1.2711 and the resistance of the monthly S1 at 1.2778. The 55-hour simple moving average will try to catch up the rate during the trading session to give an additional resistance to push the rate below of the weekly S1 to trade at 1.2650 level.
Note, the US Dollar could depreciate against the British Pound during today's fundamental news which could force the rate to trade above the monthly S1 level.
Comment:
During Wednesday’s trading session, the British Pound broke the resistance of the 55-hour SMA to end the trading day at the 1.2765 mark. On Thursday morning, the British pound jumped to the 1.2880 level breaking the resistances of the most technical indicators.
In regards to the near-term future, most likely, the British pound will break the resistances of the monthly PP at 1.2900 and the weekly PP at 1.2907 due to the support of the 200-hour SMA together with the support of the 62.20% Fibo.
On the other side, the trading day is mostly focused on the UK fundamentals news which might significantly affect the rate. Moreover, during the data releases, the rate could depreciate against the US Dollar to trade downwards to the 1.2800 level.
During Wednesday’s trading session, the British Pound broke the resistance of the 55-hour SMA to end the trading day at the 1.2765 mark. On Thursday morning, the British pound jumped to the 1.2880 level breaking the resistances of the most technical indicators.
In regards to the near-term future, most likely, the British pound will break the resistances of the monthly PP at 1.2900 and the weekly PP at 1.2907 due to the support of the 200-hour SMA together with the support of the 62.20% Fibo.
On the other side, the trading day is mostly focused on the UK fundamentals news which might significantly affect the rate. Moreover, during the data releases, the rate could depreciate against the US Dollar to trade downwards to the 1.2800 level.
Comment:
During Thursday’s trading session, the British Pound broke the resistance of the monthly pivot point at 1.2907 to end the trading day at the 1.3000 mark. On Friday morning, the British pound broke the resistance of the weekly R1 at 1.3024 to trade at the 1.3023 mark.
In regards to the near-term future, the British Pound will bounce off the bottom boundary of the small pattern line at the 1.3055 mark. Most likely, the currency exchange rate will be retraced to trade sideways at the 1.2950 level during the day.
On the other side, the British Pound could break through the small pattern line during the UK Construction PMI data release at 9:30 GMT to trade at 1.3050 level.
During Thursday’s trading session, the British Pound broke the resistance of the monthly pivot point at 1.2907 to end the trading day at the 1.3000 mark. On Friday morning, the British pound broke the resistance of the weekly R1 at 1.3024 to trade at the 1.3023 mark.
In regards to the near-term future, the British Pound will bounce off the bottom boundary of the small pattern line at the 1.3055 mark. Most likely, the currency exchange rate will be retraced to trade sideways at the 1.2950 level during the day.
On the other side, the British Pound could break through the small pattern line during the UK Construction PMI data release at 9:30 GMT to trade at 1.3050 level.
During Monday’s trading session, the British Pound was resisted by the 55-hour simple moving average to end the trading day at the 1.2800 mark. On Tuesday morning, the rate passed through the monthly S1 to trade at the 1.2779 mark.
In regards to the near-term future, most likely, the British pound will trade sideways due to the resistance of the 55-hour simple moving average. The 100-hour simple moving average tries to catch up the 55-hour SMA to perform possible break-out on Wednesday.
It is expected that the monthly S1 at 1.2778 will keep the currency exchange pair at the 1.2750 level during the day, but on the other side, the rate might get resisted by the monthly S1 to trade towards the weekly S1 at 1.2711 on Tuesday.