As expected, the GBP/USD reached the 1.3028 level. Moreover, the 1.3000 mark was touched two times during Thursday's trading.
The support of the 1.3000 managed to cause a surge, which by the middle of Friday's trading had encountered technical resistance.
UK Retail Sales
The British Pound depreciated against the US Dollar, following the UK Retail Sales release on Thursday at 09:30 GMT. The GBP/USD exchange currency rate lost 13 pips or 0.10% right after the release. The Pound continued trading at the 1.3090 level against the Greenback.
The Office for National Statistics released the UK Retail Sales data, which came out worse-than-expected of negative 0.6% compared with the forecast of 0.3%.
According to the official release: "The quantity bought in November 2019 fell by 0.6% when compared with the previous month, with only household goods stores reporting growth. Online sales as a proportion of all retailing was 18.7% in November 2019, compared with the 19.1% reported in October 2019."
Economic Calendar
On Friday, the US Final GDP could cause a move from 8.1 to 52.0 pips at 13:30 GMT.Next week, the US Durable Goods Orders on Monday at 13:30 GMT could cause a move.
Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
GBP/USD short-term review
Note that the currency pair is pressured by the 55-hour moving average, currently located at 1.3063. Thus, some downside potential could prevail. In this case the pair could gain support from the Fibo 38.20% and the monthly PP at 1.2900.If the given support level holds, it is likely that the British Pound could trade sideways against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the pair could exceed the 200-hour SMA, as well the Fibo 50.00% at 1.3196.
Hourly Chart
On the daily candle chart, the rate's decline has broken the large scale channel up pattern. Due to that reason the closest by support on the daily chart was the 55-day simple moving average at the 1.2890 level.
Daily chart
Meanwhile, trader orders were neutral. In the 100-pip range, 52% of orders were to sell and 48% were buy orders.
The orders were previously 61% to buy.