GBP/USD declines below 1.3100

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Source: Dukascopy Bank SA


On Monday, the GBP/USD currency pair passed the support zone, which surrounds the 1.3120 mark. Moreover, by the middle of the day, the rate had passed below the 1.3100 mark and the weekly S1 simple pivot point at 1.3097.

If the Pound continues to depreciate in value against the US Dollar, the rate would eventually reach the March low level at 1.3000. However, a decline might find support in the 1.3060, 1.3050 and 1.3040 levels. In addition, note the weekly S2 simple pivot point at the 1.3020 mark.

Meanwhile, a potential recovery of the currency would face resistance at 1.3100, before recovering to the 1.3110/1.3130 zone.
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