During Wednesday’s morning hours, the currency exchange rate met the upper boundary of the descending pattern line to trade at the 1.2981 mark.
In regards to the near-term future, most likely, the British Pound will depreciate against the US Dollar towards the monthly R1 at 1.2911.
However, the British Pound could be supported by the 55-hour and the 100-hour simple moving averages at 1.2920 to push the rate to end the trading day at the 1.2940 level.
