The worse than forecast US Advance GDP data on Thursday caused a surge of the GBP/USD currency exchange rate. Due to the surge, the rate reached 1.3815, as it surged 85 pips. In the aftermath of the jump of the pair, the GBP/USD has been declining. At mid-day on Friday, the rate was finding support in technical levels in the 1.3763/1.3770 zone.
If the support of the 55 and 100-hour simple moving averages manage to push the rate up, it could eventually reach the resistance of the weekly R1 simple pivot point at 1.3831. In addition, the October high level at 1.3835 could serve as a resistance level.
On the other hand, a decline below the SMAs might look for support in the ascending trend line, which connects the recent low levels. Below the trend line, the October 27 low level at 1.3710 could provide support.
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