GBP/USD remains on the back foot around monthly low. Downside break of two-month-old support, bearish MACD favor sellers. 200-day EMA adds to the upside filters, 61.8% Fibonacci retracement offers extra support.
At midnight to Wednesday, the GBP/USD encountered and bounced off the combined resistance of the weekly S1 simple pivot point at 1.3676 and the 55-hour simple moving average at 1.3680. Afterwards, the rate began a step by step decline, which had no technical support as low as 1.3808.
In the case that the rate declines, the GBP/USD could look for support in the weekly S2 simple pivot points at 1.3608. Afterwards, the 1.3600 could provide support. Moreover, the rate might be supported by the previous summer low levels that are located in the 1.3605/1.3575 range.
On the other hand, a potential recovery from any of the mentioned support levels would face first the 55-hour SMAs resistance, the weekly S1 at 1.3676 and afterwards the 100-hour simple moving average.
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