GBP/USD Reaches Support Zone

The GBP/USD has been gradually declining, as it has been pushed down by the 55-hour simple moving average. On Tuesday morning, the rate had reached the support zone of the early February high and late February low level. In the case of the zone being passed, the rate could look for support in the weekly S1 simple pivot point at 1.3804 and the 1.3800 round exchange rate level.

If any of the mentioned levels provide significant support, the rate could retrace back up to the 55-hour simple moving average. In the case of the SMA failing to provide resistance, the rate could reach for the resistance cluster at 1.4023.

On the other hand, if the support levels fail, the rate could eventually reach for the 1.3700 mark and afterwards the weekly S2 simple pivot point at 1.3669