During the previous trading session, the British Pound depreciated against the US Dollar, breaking most of the technical indicators. On Monday morning, the currency exchange rate was trading above the 62.30% Fibo at the 1.2867 mark.
In regards to the near-term future, the rate will be retraced by the 55-hour simple moving average and the monthly R1 at 1.2911 to push the rate to the 1.2800 level.
On the other side, the rate could be supported by the 200-hour simple moving average and the weekly pivot point at 1.2850 to push the rate to break the monthly R1 to trade at the 1.2900 level.
