After many attempts to pass the 1.3800 level and the zone above it, the GBP/USD currency exchange rate eventually declined.
During the early hours of Friday's trading hours, the rate had reached the support of the zone near the 1.3720 mark. This zone had provided minor impact throughout April.
Economic Calendar
Next week, on Wednesday, at 06:00 GMT, the UK Consumer Price Index is set to be published. It could cause GBP/USD moves from 6.2 to 11.6 pips.
On Friday morning, at 06:00 GMT, the UK Retail Sales could cause a move. The event has caused moves from 8.6 to 20.6 since November 2020.
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
A potential surge would first test the combined resistance of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.3766. Afterwards, the 1.3800 mark could be tested once again.On the other hand, a decline below the 1.3720 level would most likely reach for the April and March low levels near 1.3670.
Hourly Chart
On the daily candle chart, the rate appears to be squeezed in between the 100-day simple moving average and the 1.3800 level.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
On Friday, 52% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.
On Thursday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
On Friday, 52% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.