During Wednesday morning hours, the GBP/USD exchange rate touched the 1.4200 mark.
It is likely that the currency pair could gain support from the 55– and 100-hour moving averages. Thus, bulls could prevail in the market in the short run. Note that the pair could face the resistance level –the weekly R3 at 1.4299.
In the meantime, the exchange rate could bounce off the 1.4200 level. Due to that reason, some downside potential could prevail in the market, and the rate could target the support formed by the 200-hour SMA and the weekly PP near 1.3960.