GBP/USD analysis: Could extend gains
During Tuesday morning hours, the GBP/USD exchange rate exceeded the weekly R1 at 1.3923.
It is likely that the currency pair could gain support from the weekly R1 and trade upwards in the short term. In this case the pair could face the resistance level—the weekly R2 at 1.3988.
If the predetermined resistance holds, the exchange rate could bounce off and target the support provided by the 55– and 100-hour SMAs in the 1.3870 range. Otherwise, the rate could target the 1.4050 mark.