GBP/USD tests 1.3880 level

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Source: Dukascopy Bank SA


On Tuesday, the GBP/USD currency exchange rate surged and touched the 1.3880 level. The zone above this level has kept the currency pair down throughout September.

If the pair manages to break the resistance of the 1.3880 zone, the rate could reach for the resistance of the 1.3900 mark and the weekly R1 simple pivot point at 1.3910. Above these levels, the weekly R2 provides resistance at 1.3981.

On the other hand, another bounce off from the resistance zone could look for support in the 55-hour simple moving average at 1.3844. Below the SMA, two additional SMAs could act as support. Namely, the 100 and 200-hour simple moving averages on Tuesday were located near 1.3820.
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