During Monday’s trading session, the British Pound was supported by the 55-hour simple moving average to end the trading session at the 1.3050 mark. On Tuesday morning, the British pound was located near the bottom boundary of the medium ascending pattern line at the 1.3050 mark.
In regards to the near-term future, the British Pound will be supported by the medium ascending pattern line and the 55-hour SMA to surge towards the 50.00 % Fibo at 1.3163 mark. Most likely, the rate will trade at the 1.3050 level on Tuesday.
On the other side, the rate could pass through the 55-hour SMA support if the US Dollar will appreciate against the British Pound during today’s US Congressional Elections. In this case, the rate might move towards the monthly PP at 1.2907 mark.
