The GBP/USD exchange rate has declined to the 1.3900 level.

It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the weekly PP and the 200-hour SMA in the 1.3960/1.4000 area. The rate could target the psychological level at 1.3800.

In the meantime, note that the currency pair could gain support from the weekly S1 at 1.3886. Thus, the pair could surpass the predetermined resistance and target the 55– and 100-hour SMAs, as well the weekly R1 near 1.4100.