During Monday’s trading session, the currency exchange rate was resisted by the 55-hour simple moving average to push the rate to trade downside. On Tuesday morning, the British Pound was located at the 1.3041 mark.
It is expected that the rate will keep moving downwards to pass the support level of the weekly S1 at 1.3014 to end the trading session at the 1.2980 level. However, the weekly S1 at 1.3014 could support the British Pound to appreciate against the US Dollar to push the rate to trade sideways during the day.
Note, the chart was fully reviewed to make some changes to the patterns!
