During Friday’s trading session, the currency rate passed through the support of the 200-hour simple moving average to end the trading session at the 1.2936 mark. On Monday morning, the British pound passed through the supports of the monthly PP at 1.2907 and the weekly S1 at 1.2899 to trade at the 1.2892 mark.
In regards to the near-term future, the British Pound will depreciate towards the 62.20% Fibonacci retracement level at the 1.2867 mark. Most likely, the rate will bounce off the support level of the 62.20% Fibo to trade sideways at the 1.2880 level during the trading session on Monday.
On the other side, the rate could pass through the support of the 62.20% Fibo to depreciate even more to be traded near the weekly S2 at the 1.2820 level.
