During Tuesday’s trading session, the monthly pivot point at 1.2992 stopped the rate from the fall to place the rate at the 1.2950 mark.
In regards to the near-term future, it is expected that the currency exchange rate will trade between the monthly PP at 1.2992 and the 62.30% Fibonacci retracement level. Most likely, the rate will end today’s trading session at the 1.2850 level.
On the other hand, the rate could be supported by the weekly S2 at 1.2944 to keep the British Pound to move sideways at the 1.2950 level.
