During Wednesday’s trading session, the currency exchange rate met the upper boundary of the descending medium pattern line to end the trading day at the1.2980 mark. During Thursday morning hours, the British pound slumped by 228 pips or 1.75% to trade at the 1.2805 mark. The slump was resulted by the Brexit uncertainty news at the UK Government.
In regards to the near-term future, most likely, the British Pound will meet the bottom boundary of the descending medium pattern line at the 1.2750 mark to trade at 1.2700 level during Thursday’s trading session.
On the other side, the British Pound could bounce off the medium pattern line at 1.2750 to recover itself to trade near the weekly S2 at the 1.2820 mark.
