GBP/USD Ignores Technical Levels

As the rate tested the upper trend line of the channel up, suddenly a decline started at mid-day on Monday. The sharp decline down ignored the support of the 200-hour simple moving average, the support zone below the 1.3820 level and the weekly simple pivot point at 1.3780.

Afterwards, short term support and resistance was being provided by the 55 and 100-hour simple moving averages. At mid-day on Tuesday, the rate traded between the SMAs.

If the rate passes the support of the 100-hour simple moving average, it could look for support in the 1.3700 mark or the weekly S1 simple pivot point at 1.3686.

On the other hand, a breaking of the 55- hour SMA and the weekly simple pivot point at 1.3781 could result in a test of the resistance of the 200-hour SMA near 1.3800.