The surge of the GBP/USD found resistance in the 200-hour simple moving average, which caused a retracement down. By the middle of Wednesday’s GMT trading hours, the rate was once again approaching the resistance of the SMA.
In the case of the SMA being passed, the pair could reach for the weekly R1 simple pivot point at 1.3982. If the pivot point does not provide resistance, the GBP/USD could reach the 1.4000 mark. Note that the weekly simple pivot point at 1.3881 did not impact the rate during this week. Due to that reason the weekly R1 might do the same.
On the other hand, if the SMA pushes the rate down, it would look for support in the 55 and 100-hour simple moving averages, which were located at 1.3855 and 1.3868.
