GBP/USD extends decline below 1.1750

Source: Dukascopy Bank SA


The GBP/USD has passed the July low level at 1.1760 and the 1.1750 mark. On Tuesday morning, the pair reached the 1.1720 level. Meanwhile, the rate was being approached by the 50-hour simple moving average from the above.

In the case of an extension of the ongoing decline, the Pound could look for support in the 1.1700 mark and the weekly S1 simple pivot point at 1.1693 against the US Dollar. Further below, note the 1.1650 and 1.1600 levels.

However, a recovery of the currency pair is set to face resistance in the 1.1800 level and the 50-hour simple moving average. Higher above, the 1.1900 mark is set to act as resistance together with the 100-hour SMA.
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