During Wednesday morning hours, the GBP/USD exchange rate jumped to the resistance level at 1.3700.
If the given resistance holds, it is likely that the currency pair could bounce off in the nearest future to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3584/1.3622 range.
In the meantime, it is unlikely that some upside potential could continue to prevail in the market in the short run due to the resistance provided by the weekly R1 and the upper line of the rising wedge pattern in the 1.3720 area.
