GBP/USD finds support at 1.3600

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Source: Dukascopy Bank SA


The decline of the GBP/USD recovered after reaching the 1.3600 level. By the middle of Monday's European trading hours, the currency exchange rate had recovered to the 1.3660 level. In addition, analysts have spotted a new channel down pattern on the pair's hourly candle chart.

If the rate passes the resistance of the channel down pattern, the GBP/USD could aim at the resistance of the weekly simple pivot point at 1.3704 and the 100-hour simple moving average near 1.3700.

Meanwhile, a resumed decline in the borders of the descending channel pattern could once again look for support in the 1.3600 mark before reaching for the weekly S1 simple pivot point at 1.3529.
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