GBP/USD Trades Below 1.4200

Yesterday, the GBP/USD exchange rate failed to exceed the psychological level at 1.4200.

It is likely that the currency pair could gain support from the 55– and 100-hour SMAs, as well the weekly R1 in the 1.4100 area. Thus, some upside potential could prevail in the market.

Note that the pair could face the resistance level—the weekly R3 at 1.4299. If the given level holds, the rate could bounce off. Otherwise, the pair could target the 1.4350/1.4400 range.