The GBP/USD found support just above 1.4110, on Wednesday, before starting a recovery that reached the resistance of the 55 and 100-hour simple moving averages near 1.4180. Note that during the prior decline, the rate pierced the support of the weekly S1 simple pivot point at 1.4119.
On Thursday, the currency exchange rate had clearly bounced off the resistance of the simple moving averages and a decline had started.
In the near term future, the pair could once again reach the support of the weekly S1 simple pivot point at 1.4119. In the case of this level being clearly passed, the rate might reach for the support of the May low levels below the 1.4100 mark.
However, a potential decline would most likely first test the resistance of the weekly simple pivot point at 1.4169 and the simple moving averages from 1.4167 to 1.4180. Afterwards, the weekly R1 at 1.4146 could be reached.
