GBP/USD declines to 1.3500

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Source: Dukascopy Bank SA


On Monday morning, the GBP/USD currency exchange rate declined to the 1.3500 mark. The 1.3500 level acted as support and managed to hold, by the middle of the day's European trading hours.

A move of the Pound against the US Dollar below the 1.3500 mark could immediately find support in the weekly S1 simple pivot point at 1.3492. Below these levels, support might be found in the lower trend line of a not yet confirmed channel down pattern, which captures the pair's volatility since Thursday. If the trend line does not act as support, the rate might hit the weekly S2 simple pivot point at 1.3415.

On the other hand, a recovery of the GBP against the USD could find resistance in the 50, 100 and 200-hour simple moving averages near 1.3550, before aiming at the weekly simple pivot point at 1.3568.
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