On Thursday, the GBP/USD bounced off the week’s high level zone at 1.3640/1.3650. On Friday morning, the rate was looking for support in the 55 and 100-hour simple moving averages at 1.3600.
A passing of the support of the 55 and 100-hour SMAs and the 1.3600 level would most likely result in a decline to the weekly simple pivot point at 1.3563 and the 200-hour SMA at 1.3559. Below these levels, there is no technical support as low as 1.3397.
However, if the pair starts a surge, it would once again test the week’s high level zone at 1.3640/1.3650. Above this zone, the weekly R1 simple pivot point at 1.3714 might act as resistance.
