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By the middle of Thursday's trading, the GBP/USD passed the support of the 1.3450 mark, the October and November low level zone at 1.3410/1.3430 and the 1.3400 mark, and the rate pierced the weekly S1 simple pivot point at 1.3386. Moreover, the 1.3410/1.3430 zone was confirmed as a resistance.
In the highly likely case that the rate continues to decline, the pair could look for support in the 1.3350 level. Afterwards, the 1.3300 mark could act as a support level. Meanwhile, the most close by technical support level was the weekly S2 simple pivot point at 1.3268.
On the other hand, the sharp decline of the pair could consolidate via trading sideways, until the 50 and 100-hour simple moving averages catch up to the rate.
Thu, 11 Nov 2021 11:10:25 GMT
Source: Dukascopy Bank SA
By the middle of Thursday's trading, the GBP/USD passed the support of the 1.3450 mark, the October and November low level zone at 1.3410/1.3430 and the 1.3400 mark, and the rate pierced the weekly S1 simple pivot point at 1.3386. Moreover, the 1.3410/1.3430 zone was confirmed as a resistance.
In the highly likely case that the rate continues to decline, the pair could look for support in the 1.3350 level. Afterwards, the 1.3300 mark could act as a support level. Meanwhile, the most close by technical support level was the weekly S2 simple pivot point at 1.3268.
On the other hand, the sharp decline of the pair could consolidate via trading sideways, until the 50 and 100-hour simple moving averages catch up to the rate.