The rate’s two attempts to pass the 1.3800 mark failed and a decline followed. On Wednesday morning, the GBP/USD currency exchange rate found support in the lower trend line of the channel up pattern, which has guided the pair since August 19.
If the rate continues to recover from the lower trend line of the channel up pattern, the GBP/USD would face technical resistance. The 55-hour simple moving average at 1.3760 and the 1.3800 previous high level are expected to provide resistance. Above these levels, the weekly R1 simple pivot point at 1.3826 could provide additional resistance to a possible surge.
However, in the case that the rate decline, it would look for support in the 100-hour simple moving average at 1.3746 before reaching the lower trend line of the channel up pattern at 1.3740. Below these levels, the weekly simple pivot point at 1.3720 together with the 200-hour simple moving average could keep the pair from declining.
