Yesterday, the currency exchange rate broke the resistance level of the 55-hour simple moving average to end the trading day below the weekly pivot point at 1.3050. During Tuesday’s morning hours, the rate was supported by the 55-hour SMA to be located at the 1.3103 mark.
In regards to the near-term future, most likely, the British Pound will break the resistance level of the monthly pivot point at the 1.3127 mark to end the day near the 36.10% Fibo at the 1.3162 mark.
On the other hand, the rate might trade sideways to stay between the monthly pivot point at 1.3127 and the weekly pivot point at 1.3074
