During Wednesday morning hours, the GBP/USD exchange rate was testing the support provided by the 100-hour SMA near 1.3870.
It is likely that the currency pair could be pushed down by the 55-hour SMA and the weekly R1 in the 1.3910/1.3923 range. The pair could decline to the support area formed by the 200-hour SMA and the weekly PP in 1.3802/1.3820.
In the meantime, if the 100-hour SMA holds, the exchange rate could trade upwards in the short term. In this case the rate could target the weekly R2 located at 1.3988.
