During the previous trading session, the British Pound traded sideways to stay at 1.2900 as it was expected. On Tuesday morning, the rate was located below the monthly pivot point at the 1.2914 mark.
In regards to the near-term future, most likely, the currency exchange rate will be supported by the 200-hour simple moving average to break the resistance of the monthly pivot point at 1.2924. In this case, the rate will end the trading session at the 1.2950 level.
Moreover, the during today’s UK Average Earnings Index release at 9:30 GMT, the British Pound depreciated against the US Dollar by 12 pips or 0.09% to push the rate towards the 200-hour simple moving average at the 1.2914 mark
