At mid-day on Friday, the GBP/USD currency exchange rate was testing the resistance of the February high level at 1.3645 and the weekly R1 simple pivot point at 1.3646. In the meantime, the pair was being approached by the 50-hour simple moving average, which had been pushing the pair up since Wednesday.
Economic Calendar
During next week, there are various types of events, which could impact different currencies. However, among the events it is clear that the top one is the quarterly US Preliminary Gross Domestic Product data release on Thursday at 13:30 GMT.
On Monday, at 09:30 GMT, the United Kingdom Markit Manufacturing and Services Purchasing Managers Index survey results will impact all GPB pairs.
On Tuesday, the US Markit Manufacturing and Services Purchasing Managers Index survey results are expected to cause move on all USD pairs and assets.
The week's notable events will end on Friday with the US Durable Goods Orders and Core Durable Goods orders publication at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the pair reaches above the 1.3650 level, the pair could find resistance in the 1.3700 mark, before reaching the weekly R2 simple pivot point at 1.3722.On the other hand, a decline would have to pass the support of the 50-hour simple moving average and the 1.3600 mark. Further below, support might be found in the 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.3560/1.3568.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the combination of the 50 and 100-day simple moving averages is pushing the rate into the resistance of the 200-day simple moving average at 1.3620. The rate needs to properly pass the moving average to book new high levels.Daily chart
Read More: Technical Analysis
Traders are short
On Friday, traders were mostly bearish, as 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 75% to sell the GBP against USD.
On Friday, traders were mostly bearish, as 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 75% to sell the GBP against USD.