During Monday’s trading session, the currency exchange rate was trading sideways to end the trading session at the 1.2849 mark. On Tuesday morning, the British pound was located between the 55-hour and the 100-hour simple moving averages to trade at the 1.2830 mark.
In regards to the near-term future, most likely, the British Pound will keep moving sideways at the 1.2800 level due to the resistance of the most technical indicators which will not allow the rate to surge upwards during the trading session on Tuesday.
On the other side, the British Pound could depreciate against the US Dollar to trade near the bottom boundary of the descending medium pattern line at 1.2700 level.
