On Wednesday morning, the GBP/USD currency exchange rate passed the support of the 1.3770/1.3785 zone. The zone had kept the rate from declining since the middle of Tuesday’s trading.
In regards to the near term future, the currency exchange rate was expected to decline to the support of the weekly S2 simple pivot point. However, support could be provided by the 1.3700 mark or another round exchange rate level.
On the other hand, a potential recovery would face the resistance of the 1.3770/1.3785 zone. Above the zone, the 55 and 100-hour simple moving averages were providing resistance at 1.3815 and 1.3825.
