GBP/USD Tests Weekly R1

During today’s morning, the GBP/USD exchange rate was testing the weekly R1 at 1.3923.

If the predetermined level holds, it is likely that the currency pair could trade downwards in the short term. Note that the pair could gain support from the 55-, 100– and 200-hour moving averages in the 1.3840/1.3890 range.

If the given support holds, the exchange rate could reverse north and trade upwards in the nearest future. In this case the rate could target the weekly R2 located at 1.3988.