GBP/USD breaches 1.3900 mark

Source: Dukascopy Bank SA


The GBP/USD currency exchange rate has passed the resistance of the 1.3900 mark and the weekly R2 simple pivot point at 1.3919. The next target for the rate appears to be the 1.4000 level.

If the rate reaches and passes the resistance of the 1.4000 mark, the pair, in theory, should reach for the combined resistance of the 1.4050 mark and the weekly R3 simple pivot point at the same exact level.

However, if the 1.4000 mark holds, as it did in late June, the pair could look for support in the 1.3900 level and trade sideways until it is approached by the 55 and 100-hour simple moving averages from below.
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