During the previous trading session, the currency exchange rate surged to the 50.00% Fibonacci retracement level at 1.3163, breaking the previously drawn pattern line at the 1.3100 mark. On Monday morning, the rate was located above the 50.00% Fibo at the 1.3171 mark.
In regards to the near-term future, most likely, the rate will be trading sideways to stay between the 50.00% Fibo and the weekly pivot point at 1.3084.
On the other hand, the 55-hour simple moving average could support the rate to push it to trade at the 1.3200 level.
In regards to the near-term future, most likely, the rate will be trading sideways to stay between the 50.00% Fibo and the weekly pivot point at 1.3084.
On the other hand, the 55-hour simple moving average could support the rate to push it to trade at the 1.3200 level.
Note
During Wednesday’s morning hours, the currency exchange rate was located between the 100-hour and the 200-hour simple moving averages at the 1.3107 mark.
In regards to the near-term future, most likely, the rate will be trading sideways to stay between the 50.00% Fibonacci retracement level at 1.3163 and the monthly R2 at the 1.3057 mark.
However, the 55-hour and the 100-hour simple moving averages could retrace the British Pound to depreciate against the US Dollar to push the rate pass through the support level of the monthly R2 to the 1.3000 level.
Note
During the previous trading session, the British Pound appreciated against the US Dollar to 1.3120. On Thursday morning, the rate was trading between the 55-hour and the 100-hour simple moving averages at the 1.3134 mark.
In regards to the near-term future, the rate will surge upwards to reach the 50.00% Fibonacci retracement level at 1.3163. Afterwards, most likely, the 50.00% Fibo will retrace the rate to push it to trade sideways at the 1.3120 level.
On the other hand, the 100-hour simple moving average could resist the British Pound to depreciate against the US Dollar to the weekly pivot point at 1.3084.
Note
During Friday’s morning hours, the British Pound passed through the support levels of the 55-hour and the 200-hour simple moving averages to trade at the 1.3047 mark.
In regards to the near-term future, most likely, the rate will be resisted by the bottom boundary of the descending pattern line at 1.3050 mark to break the weekly pivot point at the 1.3084 mark.
However, the British Pound could depreciate against the US Dollar during today’s US Employment data sets release at 13:30 GMT to touch the bottom boundary of the medium ascending pattern line at 1.3000.
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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.
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.