During Monday’s trading session, the currency rate passed through the support of the 62.20% Fibo to trade near the weekly S2 at 1.2820 as it was expected. The rate ended up the Monday’s trading session at the 1.2852 mark. On Tuesday morning, the British pound was located between the weekly S1 and the 62.20% Fibonacci retracement level to trade at the 1.2872 mark.
In regards to the near-term future, the British Pound will depreciate to the 1.2750 level due to the resistances of the weekly S1 at 1.2899, the monthly pivot point at 1.2907 and the 55-hour simple moving average.
On the other side, the rate might surge to 1.2950 level during today’s UK Average Earnings Index at 9:30 GMT. Watch out for the news!
