Yesterday, the GBP/USD exchange rate exceeded the weekly R1 located at 1.3809.
It is likely that the currency pair could face the resistance level—the weekly R2 at 1.3879. Thus, a reversal south could occur. Note that the pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3688/1.3771 range.
In the meantime, note that the exchange rate could gain support from the weekly R1 and extend gains in the nearest future. In this case the rate could target the weekly R3 at 1.4000.
