The recovery from the support of the 1.3600 mark broke one resistance level after another. However, by the middle of Tuesday’s European trading hours, it appeared that the GBP/USD had ended its surge. Namely, the rate had bounced off the 1.3750 mark and declined to 1.3700.
In the case that the rate passes the support of the 1.3700 level, the GBP/USD would look for support in the 55 and 100-hour simple moving averages near 1.3670 and 1.3680. Below the SMAs, the 1.3650 level could stop the rate’s decline.
Meanwhile, a recovery from the 1.3700 mark could once again test the resistance of the 1.3750 level and the 200-hour simple moving average. A passing of these levels could result in the pair reaching the 1.3800 level.
