GBP/USD Analysis: Will depreciate
|GBP/USD
The British Pound was trading sideways to stay at the 1.2600 level during the previous session. On Tuesday morning, the currency exchange rate was resisted by the 200-hour simple moving average to trade at the 1.2633 mark.
The British Pound will trade downwards during the day. Most likely, the rate will get resisted by the 200-hour SMA to pass through the most of the technical indicators to trade below to the monthly S1 at 1.2596.
On the other side, the British Pound could appreciate against the US Dollar to break the descending medium pattern line at 1.2600 mark to trade towards the weekly R1 at the 1.2740 mark.
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