The GBP/USD currency exchange rate has been trading between the 1.3700 and 1.3750 levels since the US CPI surge. Most recently, on Friday the rate was approached by the 50-hour simple moving average. Meanwhile, the pair almost in all cases ignored the support of the weekly R2 simple pivot point at 1.3709.
If the currency exchange rate starts a surge, it would have to pass the 1.3750 mark, before aiming at the 1.3800 mark. Above the 1.3800 level, the weekly R3 simple pivot point could act as resistance at 1.3820.
However, a potential decline of the Pound against the US Dollar would have to pass below the 50-hour simple moving average, the weekly R2 simple pivot point and the 1.3700 mark. A move below 1.3700 would leave the pair with no support as low as the 100-hour simple moving average near 1.3650 and the weekly R1 simple moving average at 1.3652.
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