GBP/USD decline approaches 1.1100

Note: This section contains information in English only.
Source: Dukascopy Bank SA


As the UK Prime Minister resigned, the Pound initially surged and reached above 1.1300. However, the spike upwards was followed by a decline. By the middle of Friday's trading, the pair had almost reached the 1.1100 mark.

An extension of the ongoing decline would have no technical support as low as the weekly S1 simple pivot point at 1.0941 and the October low levels at 1.0922/1.0932. However, note that the pair could find support in the round levels at 1.1100, 1.1050, 1.1000.

On the other hand, a recovery of the Pound against the US Dollar could encounter resistance in the 1.1250 level and the 50 and 100-hour simple moving averages. Higher above, note 1.1300 and 1.1350 levels. Meanwhile, the rate has ignored the 1.1050 level and the weekly simple pivot point at 1.1160.
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