The GBP/USD exchange rate revealed a medium-term ascending channel.
From a theoretical perspective, it is likely that some upside potential could prevail in the market.
Economic Calendar
This week, there is one notable time to watch the economic calendar. Today, a group of various US data sets will be published at 12:30 GMT.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips.
GBP/USD short-term review
On Wednesday, the GBP/USD exchange rate revealed a medium-term ascending channel. During today's morning, the rate was trading at 1.2260.Note that the currency pair is squeezed by the 55-, 100– and 200-hour moving averages, located near 1.2235 and 1.2290. Thus, it is likely that the pair could trade sideways in the short term.
Meanwhile, from a theoretical point of view, it is likely that some upside potential could prevail in the market. Note that the rate would have to surpass the resistance formed by the weekly R1 and the monthly S1 at 1.2290.
Hourly Chart
On the daily candle chart, it can be spotted that the rate failed to surpass the resistance formed by the 55-day simple moving average and the monthly S1 at 1.2292.
Daily chart
Read More: Technical Analysis
Traders remain long
On Thursday, the sentiment on the Swiss Foreign Exchange was 59% long.