By the middle of Monday’s GMT trading hours, the GBP/USD reached and bounced off the resistance of the 55-hour SMA and a 50.00% Fibonacci retracement level at 1.2420. In the near term future, the rate is expected to once again make an attempt to pass the support of the monthly simple pivot point at 1.2346.
Afterwards, the rate could trade sideways above the pivot point and below the resistance of the Fibo and hourly simple moving averages. However, if the support of the pivot point fails, the rate could continue its decline and reach for the weekly S1 simple pivot point at 1.2234.
