GBP/USD analysis: Returns to 1.3900
|GBP/USD
The GBP/USD traded with high volatility due to the US CPI release on Tuesday. However, on Wednesday, the rate had recovered and appeared to be set for another test of the resistance zone above the 1.3900 mark.
In the case that the rate passes the resistance of the 1.3900 mark, the GBP/USD would find resistance in the 1.3950 mark and afterwards the weekly R1 simple pivot point at 1.3963.
On the other hand, a hold out of the resistance could result in a decline to the support of the 55, 100 and 200-hour SMAs and the weekly simple pivot point in the 1.3830/1.3850 zone.
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