The GBP/USD has passed the August high level zone and reached the 1.3800 level. During Tuesday’s early London trading hours, the rate had retraced back down and looked for support.
The pair could gain support from the 55 and 100-hour simple moving averages or the previously passed August high level zone. A resumed surge of the GBP/USD would have to pass the 1.3800 level before reaching the weekly R1 simple pivot point at 1.3826.
Meanwhile, a potential decline of the currency exchange rate could look for support in the lower trend line of a channel up pattern just below the 1.3750 level, the weekly simple pivot point at 1.3721 and the 200-hour simple moving average at 1.3710.
