The British pound depreciated against the US Dollar 0.18% since Tuesday’s trading session. The rate tried to recover itself from bearish movements during morning hours.
Most likely, the rate will break the support line of a medium channel during today’s trading session due to a strong resistance of the 55-hour simple moving average, which is located above the currency exchange rate near 1.2870.
On the other hand, the British pound may use the support line of the pattern as a support level and try to push the rate upwards, which may break the 55-hour simple moving average at the 1.2870 level.
