GBP/USD declines to 1.2400

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Source: Dukascopy Bank SA


The GBP/USD plummeted late on Friday, as the pair dropped from 1.2540 down to 1.2400. On Monday, the rate reached to 1.2380, before recovering. At mid-day the pair traded near the combined resistance of the weekly simple pivot point at 1.2433, the 1.2440 level and the 200-hour simple moving average.

A move above 1.2440 could face resistance in the combination of the 50 and 100-hour simple moving averages near 1.2460. Higher above, note the 1.2500 mark.

On the other hand, a decline of the pair is set to look for support at 1.2400 and 1.2380, prior to reaching the support zone at 1.2345/1.2350.
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