GBP/USD Breaks Previously Drawn Pattern

Technical analysis of Forex market

During the previous trading session, the currency exchange rate surged to the 50.00% Fibonacci retracement level at 1.3163, breaking the previously drawn pattern line at the 1.3100 mark. On Monday morning, the rate was located above the 50.00% Fibo at the 1.3171 mark.

In regards to the near-term future, most likely, the rate will be trading sideways to stay between the 50.00% Fibo and the weekly pivot point at 1.3084.

On the other hand, the 55-hour simple moving average could support the rate to push it to trade at the 1.3200 level.

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