GBP/USD decline reaches below 1.2700

Source: Dukascopy Bank SA


The decline of the Pound against the US Dollar has continued. However, on Friday, the rate appeared to have found support in the 1.2600 mark, namely the 1.2600/1.2620 range.

This ongoing recovery of the GBP/USD is set to face the 1.2700 mark and the 100-hour simple moving average. If these levels fail, the weekly simple pivot point will act as resistance at 1.2711. Higher above, take into account the 1.2750 and 1.2800 levels and the descending 200-hour simple moving average.

In the case of a resumption of the prior broader decline, the combination of the 50-hour SMA and the 1.2650 level could turn into support. Further below, the 1.2600/1.2620 would once again come into play, before the rate approaches 1.2550 or the combination of 1.2500 and the weekly S1 simple pivot point.
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