During Monday’s trading session, the British Pound was supported by the 200-hour simple moving average to stay at 1.3180. On Tuesday morning, the currency exchange rate broke the support level of the 200-hour SMA to be located below the 50.00% Fibo at the 1.3155 mark.
It is expected that the rate will be trading sideways between the 50.00% Fibo and the monthly pivot point at 1.3129. More likely, the rate will end the trading session at the 1.3140 level!
On the other hand, the 50.00% Fibonacci retracement level could resist the British Pound to depreciate against the US Dollar to the bottom boundary of the pattern line at 1.3100.
