During today’s morning hours, the GBP/USD exchange rate was testing the resistance level—the weekly R1 at 1.3923.
If the predetermined resistance level holds, it is likely that the currency pair could reverse south in the nearest future. Note that the pair could gain support from the 55– and 100-hour SMAs, as well the weekly PP in the 1.3802/1.3840 area.
However, if the given resistance does not hold, the British Pound could continue to extend gains against the US Dollar. In this case the exchange rate could face the resistance level—the weekly R2 at 1.3988.
