On Thursday, the GBP/USD plummeted, as the UK announced its stance in trade negotiations with the EU. By the middle of the day’s London trading hours, the pair was heading to the support of the weekly S1 simple pivot point at 1.2858.

In the case of the rate passing the pivot points support, tit would next head to a monthly pivot near the 1.2830 level.

However, the rate is oversold, as it has left above it the hourly simple moving averages. Due to that reason, the rate could trade sideways until the SMAs catch up.

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