GBP/USD Passes Above 1.4000

The GBP/USD managed to pass the resistance of the weekly R1 on Thursday. On Friday morning, the GBP had extended its gains against the USD, as the rate had reached above the weekly R2 simple pivot point and the 1.4000 mark.

By reaching above the weekly R2 simple pivot point, the rate had no technical resistance as high as the weekly R3 at the 1.4109 level. However, the 1.4050 and 1.4100 round price levels should provide the pair with psychological resistance. In theory, these levels should be reached one after another.

On the other hand, the pair should consolidate its gains by retracing down to the pivot point at 1.3988 or trading sideways above the 1.4000 mark until the simple moving averages catch up.