GBP/USD trades near 1.1800

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Source: Dukascopy Bank SA


The Pound has declined in value, compared to the US Dollar, as the rate has extended its last week's decline. On Monday, the pair shortly reached below the 1.1800 level.

A continuation of the currency exchange rate might look for support in the July low level at 1.1760. Further below, technical support could be found in the weekly S1 simple pivot point at 1.1693. Meanwhile, take into account that the 1.1750 and the 1.1700 levels are capable of acting as support and resistance.

However, if the Pound recovers against the USD, the rate would have to reach above 1.1850, the 50-hour simple moving averages and the zone, which surrounds the 1.1900 mark.
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