The GBP/USD continued to decline on Friday, as it reached a new low level.
In the near term future, technical indicators signalled that the currency exchange rate would continue to decline.
Economic Calendar
There are no more notable events scheduled for this week, which could impact the GBP/USD.
GBP/USD short-term review
Given that the currency pair is pressured by the 55-hour moving average near 1.2440, it is likely that some downside potential could prevail. Note that the nearest support level—the monthly PP, is located at 1.2346.Hourly Chart
On the daily candle chart, the pair has gained support from the monthly PP at 1.2346.
In the meantime, the rate is being approached by the additional technical resistance of the 100-day simple moving average, which on Friday was located near the 1.2490 level.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Friday, 54% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate, 55% of pending orders were set to buy the GBP/USD.
Meanwhile, in the 100-pip range around the rate, 55% of pending orders were set to buy the GBP/USD.