During Friday’s trading session, the currency exchange rate was retraced by the 55-hour simple moving average to the 1.3060 level. On Monday morning, the British Pound kept depreciating against the US Dollar to the 1.3053 mark.
Most likely, the currency exchange rate will be trading downwards to the bottom boundary of the medium pattern line at the 1.3030 mark.
Besides, the simple moving averages at the 1.3100 mark retrace the rate to give an additional push for the British Pound to depreciate against the US Dollar to the 1.3020 level.
Most likely, the currency exchange rate will be trading downwards to the bottom boundary of the medium pattern line at the 1.3030 mark.
Besides, the simple moving averages at the 1.3100 mark retrace the rate to give an additional push for the British Pound to depreciate against the US Dollar to the 1.3020 level.
Note
During Monday’s trading session, the currency exchange rate was resisted by the 55-hour simple moving average to push the rate to trade downside. On Tuesday morning, the British Pound was located at the 1.3041 mark.
It is expected that the rate will keep moving downwards to pass the support level of the weekly S1 at 1.3014 to end the trading session at the 1.2980 level.
However, the weekly S1 at 1.3014 could support the British Pound to appreciate against the US Dollar to push the rate to trade sideways during the day.
Note, the chart was fully reviewed to make some changes to the patterns!
Note
During the previous trading session, the currency exchange rate traded between the weekly S2 and the monthly PP to end the trading session at the 1.2932 mark. On Thursday morning, the rate passed through the support of the monthly PP at 1.2924 to trade at the 1.2904 mark.
In regards to the near-term future, the British Pound will depreciate to the 62.30% Fibonacci retracement level at 1.2864. Afterward, most likely, the rate will trade sideways at 1.2850 for the rest of the trading session.
On the other hand, the British Pound could appreciate against the US Dollar to the 1.2950 level during today’s Bank of England Interest Rate and the votes release at 12:00 GMT.
Note
During Thursday’s trading session, the currency exchange rate jumped by 142 pips or 1.11% to the 1.3000 mark. On Friday morning, the rate was located between the 55-hour and the 100-hour simple moving averages at the 1.2949 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay at the 1.2900 level for the rest of the trading session.
However, the 55-hour simple moving average could support the British Pound to appreciate against the US Dollar to break the resistance level of the 200-hour simple moving average. It is expected that the rate could trade near the weekly S1 at the 1.3014 mark.
Note
The GBP/USD pair is bouncing off resistance levels, which create a resistance cluster from the 1.2940 to 1.2950 levels. Meanwhile, the pair had no technical support as low as the 1.2860 mark.In general, from a technical perspective the rate is expected to continue its decline in the borders of a descending channel pattern. Namely, it should reach for the 62.30% Fibonacci retracement level at 1.2864.
On the other hand another fundamental announcement about the Brexit talks might immediately change the situation by causing another bounce upwards or sudden drop down.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.