On Monday morning, the GBP/USD currency pair tested the resistance of the 1.3600 mark. By the middle of the day's European trading hours, the pair had bounced off the resistance and returned to levels near 1.3550. Near the 1.3550 mark, the rate might find support in the 100-hour simple moving average and the weekly simple pivot point at 1.3542.
A decline of the GBP against the USD would have to pass the weekly simple pivot point at 1.3542, before aiming at the 200-hour simple moving average near 1.3520. Further below, the pair could find support in the 1.3500 mark.
Meanwhile, a recovery of the pair might find resistance in the 50 and 100-hour simple moving averages near 1.3550 and 1.3560. Above the moving averages, the exchange rate could once again test the resistance of the 1.3600 level.
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.