During the previous trading session, the British Pound depreciated against the US Dollar, breaking most of the technical indicators. On Monday morning, the currency exchange rate was trading above the 62.30% Fibo at the 1.2867 mark.
In regards to the near-term future, the rate will be retraced by the 55-hour simple moving average and the monthly R1 at 1.2911 to push the rate to the 1.2800 level.
On the other side, the rate could be supported by the 200-hour simple moving average and the weekly pivot point at 1.2850 to push the rate to break the monthly R1 to trade at the 1.2900 level.
In regards to the near-term future, the rate will be retraced by the 55-hour simple moving average and the monthly R1 at 1.2911 to push the rate to the 1.2800 level.
On the other side, the rate could be supported by the 200-hour simple moving average and the weekly pivot point at 1.2850 to push the rate to break the monthly R1 to trade at the 1.2900 level.
Comment:
During Wednesday’s morning hours, the currency exchange rate met the upper boundary of the descending pattern line to trade at the 1.2981 mark.
In regards to the near-term future, most likely, the British Pound will depreciate against the US Dollar towards the monthly R1 at 1.2911.
However, the British Pound could be supported by the 55-hour and the 100-hour simple moving averages at 1.2920 to push the rate to end the trading day at the 1.2940 level.
During Wednesday’s morning hours, the currency exchange rate met the upper boundary of the descending pattern line to trade at the 1.2981 mark.
In regards to the near-term future, most likely, the British Pound will depreciate against the US Dollar towards the monthly R1 at 1.2911.
However, the British Pound could be supported by the 55-hour and the 100-hour simple moving averages at 1.2920 to push the rate to end the trading day at the 1.2940 level.
Comment:
During Wednesday’s trading session, the previously drawn pattern was broken. Due to that fact, the chart was thoroughly reviewed to make a new pattern.
Brexit negotiation about Ireland border pushed the British Pound to appreciate against the US Dollar. There are expected two scenarios, if the United Kingdom and Ireland will agree not to build an outpost in Northern Ireland, most likely, the rate will break the upper boundary of the dominant pattern line at 1.3100 mark to trade towards the weekly R2 at 1.3181.
On the other hand, if the United Kingdom and Ireland will not agree on the deal, to the rate could go downwards to trade at the 1.2950 level.
During Wednesday’s trading session, the previously drawn pattern was broken. Due to that fact, the chart was thoroughly reviewed to make a new pattern.
Brexit negotiation about Ireland border pushed the British Pound to appreciate against the US Dollar. There are expected two scenarios, if the United Kingdom and Ireland will agree not to build an outpost in Northern Ireland, most likely, the rate will break the upper boundary of the dominant pattern line at 1.3100 mark to trade towards the weekly R2 at 1.3181.
On the other hand, if the United Kingdom and Ireland will not agree on the deal, to the rate could go downwards to trade at the 1.2950 level.
On Tuesday morning, the currency exchange rate was supported by the 200-hour simple moving average to trade at the 1.2864 mark.
It is expected that the British Pound will keep depreciating against the US Dollar to pass the support levels of the weekly pivot point and the 200-hour simple moving average. Besides, most likely, the rate will depreciate to the1.2800 level.
On the other side, the British Pound could appreciate against the US Dollar during today’s UK Average Earnings and Unemployment Rate at 9:30 GMT to push the rate to break the resistance of the monthly R1 at the 1.2911 mark.