GBP/USD hits new low level

Source: Dukascopy Bank SA


The decline of the Pound against the US Dollar has reached the 1.1450 level. The pair has been declining in a set way. A new round low level is reached, the pair then retraces back above the previous round level, prior to reaching a new low level. For example, GBP/USD reached 1.1500, recovered above 1.1550 and then reached the 1.1450 level.

In theory, the pair might now retrace back above 1.1500, where it could encounter resistance in the 50-hour simple moving average or the 1.1550 mark. Afterwards, a resumption of the decline would have to pass the weekly S1 simple pivot point at 1.1411, before reaching the 1.1400 level.

On the other hand, a move above 1.1550 might signal that the decline is over. However, take into account the resistance of the weekly simple pivot point and the 100-hour simple moving average near 1.1585. Higher above, the 1.1600 and 1.1650 levels are expected to act as resistance.
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