The weekly simple pivot point and the high-level zone at 1.3364/1.3370 has provided the GBP/USD pair with enough resistance for the rate to decline. Namely, during the first half of Monday's trading hours, the currency rate passed below the 100-hour SMA at 1.3340 and the 50-hour simple moving average at 1.3326.
In the case that the rate continues to decline, it could aim at the support of the 1.3300/1.3380 zone, which provided support on Thursday. Below the support zone, the pair might find support in the weekly S1 simple pivot point at 1.3264.
However, a potential recovery of the pair might make another attempt at passing the resistance zone at 1.3364/1.3370. Above this zone, note the 1.3400 mark, which is strengthened by the 200-hour simple moving average.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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