The GBP/USD has continued to trade between the resistance of the weekly R2 at 1.2758 and the support of the 55-hour SMA and a monthly pivot point at 1.2727.
In the meantime, the currency exchange rate revealed minor scale channel down pattern, whose resistance line could push the rate down.
Economic Calendar
There are no more notable events scheduled for this week.
Next week, notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Given that the currency pair is supported by the 55-hour SMA and the monthly R1 at 1.2727, it is likely that some upside potential could prevail in the market, and the pair could breach the medium-term ascending channel north.However, if the predetermined channel holds, it is likely that the exchange rate could trade along its upper boundary.
Also, it is unlikely that bears could prevail, and the rate could decline below the Fibo 61.80% at 1.2646.
Hourly Chart
On the daily candle chart, on Thursday, the rate began to find support in the 200-day simple moving average, which had previously provided resistance.
In the meantime, a larger channel up pattern has been added to the chart. The pattern is unlikely going to impact the exchange rate in the near term future.
Daily chart
Read More: Technical Analysis
Traders go short
On Thursday, 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Friday's trading hours, the sentiment was 59% short.
Meanwhile, since Thursday, in the 100-pip range around the rate the orders were neutral, as 53% of pending orders were set to buy the GBP/USD.
On Thursday, 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Friday's trading hours, the sentiment was 59% short.
Meanwhile, since Thursday, in the 100-pip range around the rate the orders were neutral, as 53% of pending orders were set to buy the GBP/USD.