During Monday’s trading session, the currency exchange rate dropped by 253 pips or 1.98% due to Brexit uncertainty to end the trading session at the 1.2500 level. During Tuesday’s morning hours, the British Pound was supported by the weekly S2 to keep trading the at 1.2560 level.
In regards to the near-term future, most likely, the currency exchange rate will keep depreciating towards the weekly S3 at the 1.2470 mark. Besides, the rate to could reach the monthly S2 at the 1.2435 due to a lack of any significant support levels.
On the other hand, the British Pound could appreciate against the US Dollar during today’s UK Average Earnings Index 3m/y data release at 9:30 GMT to push the rate to recover itself to the 1.2600 level during the trading session on Tuesday.
