During Tuesday’s trading session, the currency exchange rate depreciated by 1.41% or 181 pips due to a high volatility created by the Brexit uncertainty. During Wednesday’s morning hours, the British Pound was resisted by the 55-hour simple moving average to trade at the 1.2740 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade downside due to the resistance of the technical indicators which might resist the currency rate to trade near the weekly S1 at the 1.2707 mark.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Services PMI data release at 9:30 AM to trade at the 1.2800 level.
