GBP/USD plummets below supports

Source: Dukascopy Bank SA


The release of the United Kingdom's Manufacturing and Services sector Purchasing Managers Indices has caused a major decline of the Pound's value. The survey results were expected to be low. However, the actual results were far below the already pessimistic expectations.

On August 23, the data caused a decline, which pierced below a cluster of support levels near 1.2740. A decline down to a support zone at 1.2620 followed over the span of next 3:30 hours.

A rebound from the support zone could be slowed down by the 1.2700 mark and the weekly simple pivot point at 1.2710. Namely, there is no observable resistance in the 80 pip range above the support of 1.2620.

However, if the decline goes below the 1.2620 level, the 1.2600 mark could act as support, before the rate reaches the weekly S2 at 1.2540.
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