During yesterday’s midnight hours, the currency exchange rate broke the pattern line at the 1.3100 mark. The breakout meant that the United Kingdom and Ireland would agree not to build an outpost in Northern Ireland.
In regards to the near-term future, most likely, the British Pound will be supported by the 55-hour simple moving average and the monthly R2 to surge towards the 50.00% Fibonacci retracement level.
However, the expectations might be broken to let the rate to trade between the simple moving averages at the 1.2950 level.
