The GBP/USD has passed the support of the 55, 100 and 200-hour simple moving averages. By the middle of Monday’s trading session, the rate was headed to the support of a weekly and monthly pivot points just below the 1.2940 mark.
In the meantime, the pair can be considered oversold, as it has left SMAs above the 1.3030 level.
Combining these two factors, one can expect a decline to the SMAs, from where a retracement back up to the SMAs could occur.
