GBP/USD decline approaches 1.3050

Source: Dukascopy Bank SA


The 1.3300 mark held, and a decline occurred throughout the week. In general, one event after another has strengthened the US Dollar, which has resulted in a decline of the GBP/USD as low as the 1.3050 level. Meanwhile, it was observed that the pair faced the resistance of the 50-hour simple moving average.

An extension of the ongoing decline is expected to look for support in the 1.3050 and 1.3000 levels. If these levels fail, the weekly S1 might act as support at 1.2979.

On the other hand, a potential recovery of the Pound against the US Dollar would have to break the combination of the 1.3100 mark and the 50-hour simple moving average. Higher above, the 1.3150 zone might act as resistance, before the rate is reached by the 100-hour simple moving average. If these levels fail, note the weekly simple pivot point at 1.3201 and the 1.3200 level.
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