During Tuesday’s trading session, the currency exchange rate broke the resistance of the 55-hour simple moving average. During Wednesday’s midnight hours, the rate was resisted by the 100-hour SMA at the 1.2890 mark.
In regards to the near-term future, most likely, the British Pound will depreciate against the US Dollar to the 62.30% Fibonacci retracement level at 1.2864.
Note, during today’s UK CPI data release at 9:30 GMT, the rate depreciated by 8 base points to turn the rate towards the 55-hour simple moving average at the 1.2885 mark.
