Yesterday, the British Pound depreciated gradually against the US Dollar. During Tuesday’s morning, the exchange rate declined to the 1.2620 level.
It is expected, that the rate could reach the lower boundary of the short-term descending channel located circa 1.2600. From a theoretical point of view, a reversal north could occur.
On the other hand, the currency pair could trade sideways, trying to surpass the support level formed by the weekly S1 at the 1.2594 mark.
It is unlikely, that the pair could jump higher than 1.2664/1.2696 range due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
