During Friday morning, the GBP/USD exchange rate was testing the 100-hour SMA near 1.1890.
If the given resistance holds, some downside potential could prevail.
Economic Calendar
This week, there are no events left that could impact on the GBP/USD rate.
Next week, there are couple of events that could affect the GBP/USD rate.
On Wednesday, March 25, the UK CPI data will be published at 9:30 GMT.
At the same day, the US Durable Goods Orders data will be released at 12:30 GMT.
On Thursday, March 26, the UK Retail Sales will be published at 9:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tried to surpass the 1.150 level. During Friday morning, the rate raised to the resistance formed by the 100-hour SMA near 1.1900.If the given moving average holds, it is likely that bears could prevail in the market. In this case the currency pair could decline below the 1.1500 level.
However, the pair could gain support from the 55-hour SMA near 1.1700 and trade sideways in the nearest future.
It is unlikely that bulls could prevail, and the exchange rate could exceed the monthly S3 at 1.2178.
Hourly Chart
On the daily candle chart, it can be seen that the GBP/USD rate gained support from the weekly S2 at 1.1642.
Daily chart
Read More: Technical Analysis
Traders go long
On Friday, 69% of open GBP/USD position volume on the Swiss Foreign Exchange was in long positions.