Since Monday afternoon, the GBP/USD exchange rate has been testing the weekly R1 at 1.4092.
It is likely that the currency pair could gain support from the 55-hour moving average near 1.4030. Thus, some upside potential could prevail in the market. In this case the pair could target the weekly R2 at 1.4168.
In the meantime, if the predetermined resistance level holds, the exchange rate could bounce off to the support area formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.3920/1.3975 range.
