On Monday, the GBP/USD rate was heading to the support of the weekly pivot point at 1.2520, which soon could be supported by the 55-hour simple moving average.
If these levels fail to stop the rate’s decline, the psychological support of the 1.2500 mark would be tested next. In the case of another failure to stop the decline, there would be no technical support to the rate as low as 1.2365
Meanwhile, take into account that the recent moves were caused by Brexit fundamentals. It is of the utmost importance currently to monitor the announcements made by both the UK and EU leaders in regards to Brexit.
