The British pound depreciated 0.40% against the US Dollar since Thursday’s session. During the previous session, the rate passed through the monthly PP at 1.3038 and the weekly S1 at 1.3036 to stop the trade at the 1.3017 mark. On Friday morning, the rate was resisted by the monthly PP to keep the rate to trade at 1.3032 mark.
In regards to the near-term future, most likely, the British pound will trade sideways in the pattern channel to stay at 1.2980 level during the trading day.
In addition, the simple moving averages will try to catch up the rate to give an additional resistance for the British pound to trade downwards to the bottom boundary of the medium ascending pattern.
