The traders, who have continued to short the GBP/USD, were profiting on Friday, as the rate had declined down below the 1.3050 mark.
Moreover, the pair had no more technical support as low as the 1.2950 level.
The British Pound appreciated against the US Dollar, following the UK Retail Sales data released on Thursday at 09:30 GMT. The GBP/USD exchange currency rate gained 11 pips or 0.09% during a minute, right after the release. The British Pound continued trading at the 1.3050 area against the US Dollar.
The Office for National Statistics released UK Retail Sales data that came out better than expected of 0.4%, compare to forecasted negative 0.4%.
Rhian Murphy, the ONS's head of retail sales, said: "Retail sales continued to bounce back in the three months to February with strong increases in fuel sales and online shopping."
UK data at 09:30 GMT
On Friday, there will be two releases. First will be the UK Current Account publication at 09:30 GMT. This event is expected to cause a small reaction because still most attention of fundamental traders is on the Brexit events not macroeconomic data.That is because no historical data can be used for forecasting a currency strength in a situation where the base of the underlying economy is about to change so drastically.
Afterwards, on the same day, the top release of the week will occur. At 12:30 GMT the Canadian GDP will be published. The Canadian events are the only ones, which have constantly created exchange rate adjustments of more than 40 pips.
For more information watch the week's calendar review on YouTube by clicking the link below.
GBP/USD short term review
On Friday morning the GBP/USD passed a pivot point at 1.3042 and signalled that a decline will occur during the rest of the day.Namely, the currency exchange rate had passed the last support level before 1.2950. Due to that reason from a technical perspective it is expected that the currency exchange rate will fall during the day.
Meanwhile, remember that the rate's moves ae still dictated by the events and announcements surrounding Brexit. A sudden announcement can immediately change the situation.
Hourly Chart
On the daily chart the situation can be observed better.
The rate is heading to the support of the 200-day simple moving average and the lower trend line of an ascending channel pattern near 1.2980.
Daily chart
On Friday, traders closed the short positions, as the sentiment was 53% short.
Meanwhile, the pending orders have changed. Previously, in the 100-pip range near the rate 60% of pending orders were set to sell.
By the middle of Friday's trading session 61% of orders in that range were set to buy GBP/USD.