GBP/USD reaches below 1.2100

Source: Dukascopy Bank SA


The GBP/USD has continued its decline and reached below the 1.2100 mark. Moreover, on Tuesday the 1.2100 level appeared to have turned into resistance.

A continuation of the ongoing decline could look for support in the lower trend line of the channel down pattern and the weekly S2 simple pivot point at 1.2031.

In the case of a GBP recovery against the USD, the rate would have to break the resistance of the 1.2100 mark and the weekly S1 simple pivot point at 1.2112. Higher above, take into account the 50 and 100-hour simple moving averages near 1.2140 and 1.2160.
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Tue, 03 Oct 2023 14:33:17 GMT

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