GBP/USD reaches below 1.3100

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Source: Dukascopy Bank SA


Since Monday, the GBP/USD currency exchange rate has been trading between the support of the 1.3100 mark and the resistance of the weekly S1 simple pivot point at 1.3131. However, during the early hours of Tuesday's trading the rate had shortly reached below the 1.3100 mark, which indicates that the pair could soon decline.

If the Pound declines against the US Dollar below the 1.3100 mark, the rate could look for support in the 1.3050 level and the weekly S2 simple pivot point at 1.3049. Further below, take into account the 1.3000 mark and the lower trend line of the February channel down pattern.

However, a recovery of the currency exchange rate would have to pass the weekly S1 simple pivot point at 1.3131, before testing the resistance of the 1.3150 mark, the 50-hour simple moving average and the zone at 1.3162/1.3175.
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