The support of the 1.3670/1.3675 zone was enough for the currency exchange rate to break the channel down pattern.
Moreover, by the middle of Friday's trading, the rate had passed the resistance of the 55 and 100-hour simple moving averages.
Economic Calendar
Next week, the week will start on Wednesday with the UK Final GDP at 07:00 GMT. The GBP/USD has moved from 9.8 to 27.6 pips due to this release since December 2019.
On Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be released. This event has caused GBP/USD moves from 8.0 to 17.1 pips since November.
On the same day, at 15:00 GMT the US ISM Manufacturing PMI is set to be scheduled. The rate has moved from 12.7 to 16.7 pips on the announcement.
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 19.6 to 55.0 pips on the GBP/USD charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
At mid-day, the rate found some resistance in the weekly S1 simple pivot point at 1.3787.If the rate passes the resistance of the pivot point, it could reach for the resistance of the 200-hour simple moving average near 1.3830. If the SMA fails to keep the rate down, the weekly pivot point at 1.3895 could be reached.
On the other hand, a scenario where the weekly S1 holds, could result in a decline that would look for support first in the 55 and 100-hour simple moving averages and afterwards the weekly S2 at 1.3702.
Hourly Chart
On the daily candle chart, it appeared on Friday that after being slightly pierced, the support of the large scale channel had held. The pattern captures the rate's large scale recovery, which has occurred since the initial coronavirus drop in March 2020.
In the meantime, note that the resistance of the 1.3800 level is being strengthened by the 55-day simple moving average.
In addition, note the approaching additional support of the 100-day simple moving average near 1.3620.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Tuesday, 51% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Since Wednesday, traders were 51% long. Traders were neutral throughout most of the week.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell the GBP/USD pair.
The orders were 57% to buy on Thursday.
Tuesday, 51% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Since Wednesday, traders were 51% long. Traders were neutral throughout most of the week.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell the GBP/USD pair.
The orders were 57% to buy on Thursday.