On Friday the GBP/USD traded sideways, as the major voting in the UK Parliament had ended. Although, the politics continue.
During the day's trading session various politicians continued to make statements about the future of Brexit.
The British Pound depreciated against the US Dollar, following the UK GDP data release on Tuesday at 09:30 GMT. The GBP/USD exchange currency rate lost 32 pips or 0.25% during a minute, right after the release. The British Pound continued trading at the 1.3180 area against the US Dollar.
The Office for National Statistics released UK GDP data that came out better-than-expected of 0.5% compare to forecasted 0.2%. Note, that the Manufacturing Production was released at the same time with the GDP.
Suren Thiru, The Head of Economics at the British Chambers of Commerce, said: "The data for the longer three-month period recorded an economy that was continuing to slow under the weight of uncertainty over Brexit and weakening global trading conditions."
No more data releases this week
The week's important macroeconomic data releases have ended. Join on Monday to the Economic Calendar analysis stream on the Dukascopy Analytics YouTube channel to watch what is next.In the meantime, take into account that the Brexit turmoil is still occurring in the British Parliament. That event has taken up most attention of all Forex fundamental traders.
GBP/USD short term review
During Thursday's trading session, the British Pound traded sideways to stay at 1.3200. On Friday morning, the rate was supported by the 55-hour simple moving average to trade at the 1.3264 mark.In regards to the near-term future, most likely, the currency exchange rate will keep surging towards the weekly R2 at the 1.3355 mark.
It is expected that the rate will end today's trading session at the 1.3300 level.
Hourly Chart
On the daily chart the recent moves still occur in the borders of a large scale ascending channel pattern.
However, it is highly likely that the pattern will get broken, as soon as clear result of the Brexit situation is revealed.
Daily chart
Meanwhile, the pending orders had once more become neutral. In the 100-pip range 53% of orders were set to buy.
The orders also had not changed since Thursday.