Since Wednesday’s early trading hours, the GBP/USD has fluctuated between the 1.3800 mark and the 55-hour simple moving average, which had been pushing the rate up. The situation was expected to end with a squeeze in between the two mentioned levels.
In the case of the 55-hour simple moving average pushing the rate through the resistance of the 1.3800 mark, the pair would reach for the weekly R1 simple pivot point at the 1.3861 level.
On the other hand, a passing of the support of the 55-hour SMA, the pair could look for support in the combination of the weekly simple pivot point at 1.3766, which could be soon strengthened by the 100-hour simple moving average.
