GBP/USD plummets to record low

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


At the start of the week, the GBP/USD plummeted due to the release of the UK's fiscal budget plan. The pair has reached low levels that have not been seen since 1985. Moreover, the pair shortly traded below the 1985 low level. Namely, the GBP/USD has not been this low for more than half a century.

However, by the middle of Monday's European trading hours, the rate had recovered and was heading back to the 1.1000 level. Near the 1.1000 mark, the pair is expected to find resistance in the combination of the 50-hour simple moving average and the weekly simple pivot point.

On the other hand, a resumption of the broad decline is expected to look for support in the weekly S1 simple pivot point at 1.0637, the 1.0600 mark and the weekly S2 at 1.0427, before the 1.0400 mark is reached.
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Mon, 26 Sep 2022 12:57:47 GMT

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