Yesterday, the currency exchange rate traded between the simple moving averages to end the session at 1.3000. On Wednesday morning, the rate was supported by the 55-hour simple moving average to be located at the 1.3077 mark.
In regards to the near-term future, most likely, the rate will trade sideways to stay between the 36.10% Fibo at the 1.3162 mark and the bottom boundary of the medium pattern line at the 1.3000 level.
However, today’s fundamental news could push the British Pound to depreciate against the US Dollar to the weekly S1 at the 1.2952 mark.
Note, watch out for the news!
