After many attempts to pass the 1.3800 level and the zone above it, the GBP/USD currency exchange rate eventually declined. During the early hours of Friday’s trading hours, the rate had reached the support of the zone near the 1.3720 mark. This zone had provided minor impact throughout April.
If the zone continues to provide support, the rate could either trade sideways above it or surge. A potential surge would first test the combined resistance of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.3766. Afterwards, the 1.3800 mark could be tested once again.
On the other hand, a decline below the 1.3720 level would most likely reach for the April and March low levels near 1.3670.
