GBP/USD trades at new low levels

Source: Dukascopy Bank SA


In the aftermath of the US CPI release volatility, the GBP/USD eventually declined. Moreover, on Thursday morning, the UK Preliminary quarterly GDP was revealed to have increased by 0.80% instead of the expected 1.00%. By the middle of the day's European trading hours, the currency rate had reached below the 1.2200 mark and the weekly S1 simple pivot point at 1.2197.

In the near term future, the decline of the Pound against the US Dollar could look for support in the 1.2150 and 1.2100 levels, before aiming at the weekly S2 simple pivot point at 1.2055 and the 1.2050 mark.

On the other hand, a recovery of the Pound is expected to encounter resistance in the 2020 July low level at 1.2260 and the 1.2250 level. Higher above, take into account the approaching 50 and 100-hour simple moving averages near 1.2300.
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