GBP/USD retreats below SMA

Source: Dukascopy Bank SA


During the European night and Asian trading hours, the GBP/USD currency exchange rate retreated below the support of the 55-hour simple moving average. Afterwards, up to the middle of the day, the SMA was providing the pair with resistance.

If the rate bounced off properly from the resistance of the 55-hour simple moving average, it would most likely look for support in the 1.3903 level, where the weekly R1 simple pivot point was located at. In addition, support could be found in the 100-hour SMA near the 1.3880 level.

On the other hand, a potential breaking of the resistance of the 55-hour SMA would most likely result in another test of the 1.4000 mark and the 1.4010 level.
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