GBP/USD continues to decline

Source: Dukascopy Bank SA
The GBP/USD has continued to decline. By the middle of Friday's London trading hours, the pair reached the support of the 200-hour simple moving average at 1.3061. In theory, the rate had two possible scenarios. 

If the 200-hour SMA holds, the rate could consolidate by trading sideways or surging to the 1.3120 level. 

In a second scenario, the pair would pass the simple moving average's support and reach for the weekly simple pivot point at 1.3038.
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