After finding support in the 1.3800 mark on Wednesday, the GBP/USD currency exchange rate surged to the 1.3850 level. This level provided enough resistance for a decline to begin. By the middle of Thursday’s European trading hours, the rate was aiming at the support of the 1.3800 mark.
Meanwhile, the pair mostly ignored the weekly simple pivot point and the 55, 100 and 200-hour SMAs, as round exchange rate levels managed to hold.
In the case that the 1.3800 level’s support holds, the GBP/USD could recover and once again test the 1.3850 level’s resistance. A passing of the 1.3850 mark might result in the pair reaching the 1.3910 level, where the weekly R1 simple pivot point was located at.
On the other hand, a decline below the 1.3800 mark would highly likely reach the weekly S1 simple pivot point at 1.3748 and the 1.3750 level.
