The GBP/USD started to test the resistance of the 200-hour SMA, as it finally pierced the resistance of the 1.4000 mark. However, at that time the head of the US Federal Reserve Jerome Powell started a speech. In his speech he revealed that the US monetary stimulus would remain unchanged. It resulted in a surge of the US Dollar against all assets.
By the middle of Friday’s trading hours, the currency exchange rate had passed the support zone of the 1.3850 level. The rate was expected to soon reach the support of the weekly S1 simple pivot point at 1.3804. In addition, the 1.3800 could provide psychological support.
In the case of the pivot point and the 1.3800 mark holding, the rate could trade sideways between the 1.3800 mark and the 1.3830 level. On the other hand, if the 1.3800 is passed, the rate could look for support in the February 12 low level of 1.3775.
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