The support of the 200-hour SMA was strong enough to cause the start of a surge, which, enforced by fundamentals, managed to push the rate up to a weekly pivot point at the 1.2274 level.
By the middle of Friday's trading session the currency rate had retreated down to the 1.2200 level, which was providing psychological support.Economic Calendar
There are no more data releases or other events scheduled for this week, which might impact the GBP/USD currency exchange rate.
Next week, data releases will resume on Monday, as at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.
Although this event is marked as high impact on most economic calendars, it has caused in the time-frame of five minutes moves only from 8.1 to 15.1 pips since start the of April.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on GBP/USD charts from 8.0 to 16.7 pips since February.
GBP/USD short-term review
On Friday morning, the GBP/USD bounced off the support of the 1.2200 level.In general, the rate was expected to trade above this level until the speech of the head of the Federal Reserve Jerome Powell at 14:00 GMT.
Meanwhile, note that the hourly simple moving averages were providing support below the 1.2200 level.
Hourly Chart
On the daily candle chart the rate remains in the borders of a channel down pattern.
The pair has been doing a surge in the borders of the large pattern in consistency with the theory that a short term surge should occur after bouncing off the lower trend line of a channel down pattern.
In general, the rate should be pushed down by the upper trend line of the pattern near 1.2300.
Daily chart
Read More: Technical Analysis
Traders are long on GBP/USD
On Friday, 66% of total open GBP/USD position volume on the Swiss Foreign Exchange was located in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were bullish, as 56% of orders were set to buy and 44% were to sell.
Meanwhile, trader set up pending orders in the 100-pip range were bullish, as 56% of orders were set to buy and 44% were to sell.