GBP/USD is below support levels

Source: Dukascopy Bank SA


The GBP/USD continued to decline on Thursday. By mid-day the pair had reached below the weekly R1 at 1.2428 and the 100-hour simple moving average.

A move below 1,2400 could look for support in the 200-hour simple moving average near 1.2380. Further below, note the 1.2350 level and the weekly simple pivot point at 1.2323.

On the other hand, a recovery of the Pound against the USD is set to encounter resistance in the weekly R2 at 1.2527. Note that the rate ignored the 1.2500 level during the prior surge.
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