During Wednesday’s trading session, the currency exchange rate passed through the SMA’s to end the trading session at the 1.2719 mark. During Thursday’s morning hours, the British Pound was trading near the weekly S1 at 1.2729.
In regards to the near-term future, most likely, the currency exchange rate will keep the trade downwards due to the resistance of the simple moving average. Besides, it is expected that the currency exchange rate will pass through the support of the weekly S1 at 1.2700 to trade below the bottom boundary of the previously drawn pattern at the 1.2680 mark.
However, during today’s US fundamental events, the British Pound could appreciate against the US Dollar to trade at the 1.2740 level.
