The GBP/USD currency exchange rate managed to pass the resistance of the weekly R1 simple pivot point at 1.3835 due to the support of the 55-hour simple moving average. By the middle of Wednesday’s European trading hours, the currency exchange rate had reached the 1.3900 mark. The 1.3900 has been keeping the rate down throughout July.
If the rate once again bounces off the July high level at 1.3900, a potential decline could first look for support in the weekly R1 simple pivot point and the 55-hour simple moving average at 1.3835. If these levels are passed, the rate might find support in the 100 and 200-hour simple moving averages.
Meanwhile, a potential surge above the 1.3900 mark would immediately find resistance in the weekly R2 simple pivot point at 1.3919. Above this level, the 1.3950 and the 1.4000 levels could provide resistance.
