The resistance of the SMAs held on Thursday. Moreover, by the middle of Friday's trading, the pair had declined below the 38.20% Fibo at 1.2190.
In addition, on Friday, the pair had no technical resistance as low as 1.2000.
Economic Calendar
Next week, there is one notable time to watch the economic calendar. At 12:30 on Thursday, a group of various US data sets will be published.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips.
GBP/USD short-term review
During Friday morning, the rate declined to the 1.2180.Note that the currency pair is pressured by the 100-hour SMA near 1.2230 as well. Thus, some downside potential could prevail in the market, and the pair could target the 1.2080/1.2120 area.
On the other hand, the British Pound could consolidate against the US Dollar in the short term, as the rate could continue to test resistance levels.
Hourly Chart
On the daily candle chart, it can be spotted that the 55-day simple moving average is strengthening the resistance of the weekly R1 pivot point at 1.2333.
Daily chart
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Traders remain long on GBP/USD
On Wednesday, the sentiment on the Swiss Foreign Exchange was 57% long. On Thursday, the sentiment was 59% long.
The situation had remained unchanged on Friday, as 59% of volume was long.
The situation had remained unchanged on Friday, as 59% of volume was long.