On Thursday morning, the GBP/USD exchange rate broke the weekly R1 at 1.2500.
Given that the rate is supported by the 55-hour SMA, it is likely that some upside potential could prevail in the market.
Economic Calendar
On Friday, the US ISM Manufacturing PMI is scheduled to be published at 14:00 GMT.
Next week's notable scheduled events are set to start on Tuesday with the US ISM Non-Manufacturing PMI release on Tuesday at 14:00 GMT. In addition, a minor move could be caused by the ADP Non-Farm Employment Change.
On Thursday, the Bank of England is going to publish its Monetary Policy Report and Monetary Policy Report at 11:00 GMT.
The week will end with the employment data set release from the United States on Friday at 12:30 GMT.
04.05-08.05 Event Historical Reactions
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tried to surpass the 1.2480 level. During Thursday morning, the rate pierced the weekly R1 at 1.2500.On the one hand, it is likely that some upside potential could continue to prevail in the market. In this case the currency pair could exceed the psychological level at 1.2550.
On the other hand, the pair could reverse south from the 1.2520 level and re-test the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the Fibo 50.00% in the 1.2390/1.2455 range.
Hourly Chart
On the daily candle chart, the pair bounced off the resistance of the 55-day simple moving average at 1.2500. The SMA is expected to continue to provide resistance.
Daily chart
Read More: Technical Analysis
Traders remain long
Since the middle of Monday's GMT trading hours, the sentiment on the Swiss Foreign Exchange was 57% long.