The British pound appreciated 0.49 % against the US Dollar since Tuesday’s session. During Wednesday morning hours, the British pound was trading at the 50.00% Fibo at 1.3163 mark.
In regards to the near-term future, most likely, the British pound will trade downwards due to the resistance of the 50.00% Fibo on Wednesday. The simple moving averages will try to catch up the rate during the trading session.
On the other side, the rate might pass through the 50.00% Fibo to surge upwards passing through the weekly R1 at the 1.3188 mark to trade at the 1.3200 level.
