GBP/USD reaches new low level

Source: Dukascopy Bank SA


The Pound has continued to decline against the US Dollar. On Thursday, the pair hit the 1.1500 mark, which acted as support. Since mid-Thursday, the rate has retraced and been trading around the 1.1550 level.

In the case of a decline, the pair would once again look for support in the 1.1500 mark. Further below, the weekly S3 simple pivot point at 1.1486 might slow down a decline, before the rate reaches the 1.1450, 1.1400 and 1.1350 levels.

However, a recovery of the GBP/USD is set to face resistance in the 50-hour simple moving average near 1.1580, the 1.1600 mark and the weekly simple pivot point at 1.1601. Higher above, note the 100-hour SMA near 1.1635, the 1.1650 level and the weekly S1 at 1.1669.
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