At midnight to Friday, the GBP/USD reached the resistance of the 1.4000 mark. This level provided resistance and the currency exchange rate retreated. By the middle of the day’s trading, the retracement down had reached the combined support of the channel up pattern and the 55-hour simple moving averages.
The channel’s line and the 55-hour SMA were most likely going to provide support and cause another test of the resistance of the 1.4000 level. If the 1.4000 level would get passed, the rate could aim at the 1.4100 mark.
On the other hand, if the support levels fail, the rate could look for support in the 1.3900 level, which was strengthened by the 100 and 200-hour simple moving average.
