The British Pound passed through the support of the 62.30% Fibonacci retracement level to depreciate against the US Dollar to the 1.2848 mark.

It is expected that the currency exchange rate will break the support of the medium pattern line at the 1.2845 mark to decline towards the weekly S2 at 1.2718. Besides, the 55-hour simple moving average is trying to catch up the rate to give additional resistance to the rate.

On the other hand, the weekly S1 at 1.2831 could push the rate back to the pattern to trade sideways between the 62.30% Fibo and the bottom boundary of the medium pattern line.

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