During Thursday’s trading session, the British Pound passed through the support level of the monthly pivot point to end the trading day at 1.3050. On Friday morning, the British pound depreciated against the US Dollar to pass through the weekly S1 to be located at the 1.3025 mark.
In regards to the near-term future, most likely, the British Pound will continue to depreciate against the US Dollar due to a lack of the technical indicator support levels. It is expected that the rate will reach the bottom boundary of the medium pattern line at 1.2900 level.
However, today’s UK Current Account release at 9:30 GMT could push the rate the British Pound to appreciate against the US Dollar to the 1.3100 level.