During Wednesday’s morning hours, the currency exchange rate was located between the 100-hour and the 200-hour simple moving averages at the 1.3107 mark.
In regards to the near-term future, most likely, the rate will be trading sideways to stay between the 50.00% Fibonacci retracement level at 1.3163 and the monthly R2 at the 1.3057 mark.
However, the 55-hour and the 100-hour simple moving averages could retrace the British Pound to depreciate against the US Dollar to push the rate pass through the support level of the monthly R2 to the 1.3000 level.
