On Friday, at 12:30 GMT, the US statisticians published monthly employment data, which caused a decline of the US Dollar. The initial decline was followed up by an extension of the fall of the value of the US Dollar. On the GBP/USD charts it resulted in a move upwards.
By the middle of Monday’s trading hours, the rate had reached the resistance of the 1.3860 level, which was expected to be strengthened by the 200-hour simple moving average.
If the currency exchange rate passes the resistance of the 1.3860 level and the 200-hour SMA, it would have no technical resistance as high as the 1.3940 level, where the weekly R1 simple pivot point was located at. However, take into account that the 1.3900 marks could provide the rate with resistance.
On the other hand, a potential decline would most likely find support first in the weekly simple pivot point at 1.3837. Afterward, the 100-hour SMA could provide support near 1.3815. In addition, the 55-hour SMA at 1.3795 might provide additional support.
