During the first half of Friday's trading session, the GBP/USD was declining.
The pair had reached down to the 1.3240 level, where it had stopped at a significant technical level.
The Federal Reserve released on Wednesday the US FOMC Meeting Minutes where fed officials provide in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
"Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve's asset holdings later this year. Such an announcement would provide more certainty about the process for completing the normalization of the size of the Federal Reserve's balance sheet," the document said.
Canadian data ends the week
On Friday, the Canadian GDP data will be out at 13:30 GMT. It is most likely set to be the event which will cause the biggest move during this week.
For more information watch the weekly calendar analysis stream on our YouTube channel.
GBP/USD short term review
GBP/USD continued to retreat on Friday morning. The rate passed the support of the 55-hour SMA and retreated down to the weekly R2 at 1.3238.The future short term forecast is built around the 55 and 100-hour SMAs and the weekly R2. It could be observed that the SMAs were set to meet one another and squeeze the rate at the weekly R2.
The squeeze should result in a break out to either the upside and 1.3366 or a drop down to 1.3160.
Hourly Chart
On the daily chart the recent moves have been consistent with a dominant ascending pattern that was drawn by our analyst last Wednesday.
Although, take into account that, as the Brexit deadline approaches, all patterns are expected to be less and less relative.
Daily chart
Meanwhile, the pending sell orders that were present previously are gone. The set up buy and sell orders in the 100-pip range were balanced 50/50 since Thursday.