GBP/USD reaches below 1.1850

Source: Dukascopy Bank SA


On Thursday, the US Dollar strengthened due to better than expected US Unemployment Claims and ADP Non-Farm Employment data. By the middle of Friday's trading, the follow up decline had reached below 1.1850 and was located near the weekly S2 simple pivot point's support at 1.1839.

If the Pound continues to decline against the US Dollar it might find support in the 1.1800 level, before reaching the support zone at 1.1760/1.1780. This support zone kept the rate up during late November trading.

Meanwhile, a potential recovery of the currency pair could encounter resistance in the 1.1850 level. Afterwards, the 1.1900 mark might act as resistance. In the meantime, note that the weekly S1 simple pivot point acted as resistance during the night from Thursday to Friday at 1.1936.
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