On Monday morning, the GBP/USD declined below the simple weekly pivot point and the three hourly simple moving averages, which are used by Dukascopy Analytics.
In theory, the currency exchange rate should decline and once more test the support of the monthly pivot point at 1.2280. If this level gets passed, the weekly S1 pivot point at 1.2228 could be reached next.
On the other hand, the rate could trade sideways until the SMAs push it through the monthly pivot point.
