GBP/USD Analysis: Is Pushed By 200-Hour SMA

Technical analysis of Forex market

On Friday, the GBP/USD currency exchange rate declined. The decline started on Thursday when the Bank of England caused surge ended at the 200-hour simple moving average at the 1.3750 level.

If the rate continues to decline, it would most likely look for support in the 55 and 100-hour SMAs and the weekly S1 simple pivot point at 1.3676. Below these levels, there is no support as far as the large low-level zone near 1.3600.

However, a surge would face the 200-hour SMA somewhere near the 1.3740 level. Above the 200-hour SMA the weekly simple pivot point stands at 1.3795. In addition, both the 1.3750 and 1.3800 levels are likely going to provide resistance.