GBP/USD declines to 1.1600

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


The resistance of the 1.1715/1.1760 zone held out on Tuesday and a decline followed. By the middle of Wednesday's trading hours, the currency pair had reached the combination of the 1.1600 level and the weekly S2 simple pivot point at 1.1601.

If the Pound declines against the US Dollar, the rate could look for support in the 1.1550 and 1.1500 levels. Further below, the weekly S3 simple pivot point at 1.1486 could stop a decline.

However, a recovery of the currency exchange rate might face resistance in the 1.1650 level and the 50-hour simple moving average near 1.1680. Higher above, the 1.1715/1.1760 is expected to once again act as resistance. Note that the zone is set to be strengthened by the 100 and 200-hour simple moving averages. In the meantime, note that the pair has been ignoring the weekly S1 simple pivot point at 1.1669.
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