The GBP/USD exchange rate breached the rising wedge pattern north. The rate tested the 1.3060 level.
In general, it is likely that the rate could trade upwards, as it is supported by the monthly S1 at 1.3021.
Economic Calendar
Today, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the pair since September 2019 from 10.5 to 87.4 base points.
Next week, there are couple events that could impact the GBP/USD rate.
On Wednesday, at 09:30 GMT, the UK CPI is set to be published.
On Thursday, UK Retail Sales data is set to be published at 09:30 GMT.
Next week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Read More: 17.02-21.02 Event Historical Reactions
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate jumped to the 1.3060 level. During Friday morning, the rate reversed south.It is likely that the currency pair could gain support of the monthly S1 at 1.3021 and reverse north in the nearest future. In this case the pair could face the resistance formed by the weekly R1 at 1.3089.
However, if the given support does not hold, it is likely that some downside potential could prevail. Note that the exchange rate would have to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2970/1.3000 area.
Hourly Chart
On the daily candle chart, the rate's decline could look for support in the 100-day SMA, which on Friday was located near 1.2915.
Daily chart
Read More: Technical Analysis
Traders remain neutral on GBP/USD
On Friday, 53% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were bullish. In the 100-pip range, 57% of orders were to buy and 43% were sell orders.
Meanwhile, trader orders were bullish. In the 100-pip range, 57% of orders were to buy and 43% were sell orders.