Since Friday afternoon, the GBP/USD exchange rate has been testing the 1.4040 level.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs, as well the weekly PP in the 1.3940/1.3980 area. Thus, the pair could extend gains in the short run.
Note that the exchange rate could face the resistance level formed by the weekly R1 at 1.4092. If the given level holds, the rate could reverse south. Otherwise, the pair could reach 1.4120/1.4140.
