During the first half of Wednesday’s European trading hours, the GBP/USD reached the 1.4125 level. Meanwhile, the most close by technical support level was located at 1.4119.
In the near term future, the pair could find support in the weekly S1 simple pivot point at 1.4119. In the case of the pivot point failing to hold, the rate could reach for the 1.4100 level and the support zone just below it.
On the other hand, a recovery of the GBP/USD could reach for the resistance of the 200-hour SMA and the weekly simple pivot point at 1.4169. Above these levels, the 55 and 100-hour SMA could provide resistance at 1.4185.
