During Tuesday’s trading session, the British Pound depreciated against the US Dollar to pass through 200-hour simple moving average. During Wednesday’s midnight hours, the rate kept depreciating to trade at the 1.3188 mark.
In regards to the near-term future, most likely, the British Pound will appreciate against the US Dollar to break the resistance levels of the 55-hour and the 200-hour simple moving averages. It is expected that the rate might end the day at the 1.3250 level.
On the other hand, the resistance level of the 200-hour simple moving average could retrace the rate to push it to pass the weekly PP at 1.3276.
