On Wednesday, the GBP/USD currency exchange rate retreated to the support of the previous May high levels at 1.4160/1.4170. In addition, this zone was being strengthened by the 55-hour simple moving average, which was catching up with the rate.
In the case that the rate passes the previous May high support zone at 1.4160/1.4170, the currency exchange rate could decline to the 100-hour simple moving average at 1.4110. Afterwards the pair could aim at the 1.4100 mark with the 200-hour simple moving average.
If the currency pair recovers and starts a surge, it would most likely once again test the resistance of the 1.4220 level, which reversed the pair on Tuesday. A scenario in which the rate would pass the 1.4220 mark could result in the GBP/USD reaching for the 1.4250 level.
