At mid-day on Tuesday, the GBP/USD currency exchange rate broke the lower trend line of the channel up pattern, which had guided the rate since the middle of August. In the near term future, the pair was expected to reach for the support of the 1.3770/1.3785 zone.
If the 1.3770/1.3785 support zone reverses the rate’s decline, the GBP/USD could aim at the resistance of the 100-hour simple moving average at 1.3823, the weekly simple pivot point at 1.3833 and the 55-hour simple moving average at 1.3844. Note that the SMAs could move in closer to the pivot point.
On the other hand, a decline below the support zone would have no technical support as low as the weekly simple pivot point at 1.3672. However, take into account that the 1.3700 level could provide support.
