GBP/USD was trading sideways on Friday, as any fall or advance was restricted by several support/resistance levels. As a result, the Pound remained fluctuating around the 200-hour SMA for the second consecutive session.
Even though technical indicators flash mixed signals, it seems that the Pound is ready to leave this ranging motion and appreciate in this session, especially after surpassing the 200-hour and 55-period (4H) SMAs early today.
This is likely to add some bullish pressure and allow the pair to edge towards the 100– and 200-period ones, the 50.00% Fibo retracement and the weekly R1 at 1.3190. However, it still has to breach the weekly PP and the 55– and 100-hour SMAs near 1.3130 to fulfil this scenario.
In case bears take over, the nearest support is the weekly S1 at 1.3040.
