During Wednesday’s trading session, the currency exchange rate passed the support level of the 200-hour simple moving average to end the trading session at 1.3200. On Thursday morning, the rate was located at the 50.00% Fibo at 1.3163. Note, the chart was fully reviewed to draw a new pattern!
In regards to the near-term future, it is expected that the British Pound will be trading below the 50.00% Fibonacci retracement level to stay at the 1.3100 level.
On the other hand, today’s UK Retail Sales at 9:30 GMT might push the British Pound to appreciate against the US Dollar to the 1.3200 level.
