On Tuesday, the rate traded sideways to end the trading session at the 1.3140 level as it was expected! During Wednesday’s morning hours, the currency exchange rate kept trading sideways to be located at the 1.3144 mark.
In regards to the near term future, most likely, the British Pound will bounce off the resistance of the 50.00% Fibonacci retracement level at 1.3163 to pass through the monthly pivot point at 1.3129.
Moreover, it is predicted that the British Pound could depreciate against the US Dollar to the 1.3050 level.
