GBP/USD extends decline

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Source: Dukascopy Bank SA


The weekly S2 simple point's and the 1.1600 level's support held for half a day, before September started and the rate declined further. By the middle of Thursday's trading, the pair was heading to the 1.1550 level.

A decline of the GBP/USD currency pair might look for support in the 1.1500 mark. Further below, take into account the weekly S3 simple pivot point at 1.1486. The third pivot point might work as the second one. However, the rate ignored the weekly S1 at 1.1669.

Meanwhile, a potential recovery of the Pound against the US Dollar is highly likely going to encounter resistance in the 1.1600 mark and the weekly S2 simple pivot point. Higher above, note the 50-hour simple moving average near 1.1635 and the 1.1650 level.
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