GBP/USD approaches low level

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Source: Dukascopy Bank SA


On Wednesday morning, the support of the 50 and 100-hour simple moving averages together with the weekly simple pivot point failed to provide support at the 1.3530/1.3550 zone. This resulted in a decline, which at 13:30 GMT was boosted by the US Consumer Price Index release.

By the middle of the day's US trading hours, the rate was heading to the 1.3450 level and the October and November low level zone at 1.3410/1.3430.

If the GBP/USD currency exchange rate passes the support of the 1.3450 level and the October and November low level zone of 1.3410/1.3430, the rate could extend its decline. A potential move lower might find support first in the 1.3400 level and afterwards the weekly S1 simple pivot point at 1.3386.

On the other hand, a recovery of the pair could encounter resistance in the 100-hour simple moving average at 1.3521, the 50-hour simple moving average at 1.3550 and the weekly simple pivot point at 1.3543.
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