During Friday’s trading session, the British Pound appreciated against the US Dollar by 196 base points or 1.51%, breaking most of the technical indicators. On Monday morning, the rate was located between the 200-hour and the 100-hour simple moving averages at the 1.3197 mark.
In regards to the near-term future, most likely, the resistance level of the 200-hour simple moving average will retrace the currency exchange rate to depreciate to the 1.3100 level.
On the other hand, the technical indicators could support the rate to break the resistance level of the 200-hour simple moving average to end the trading session at the 1.3250 level.
