The GBP/USD pair was guided by the 55-hour SMA during the first part of Thursday, while the upper limit was set by a trend-line and the weekly R2. The former was breached mid-session, and the Sterling had remained near this line by Friday morning.
Some upside potential is still apparent in the market, as the Pound might try to reach the 1.43 level. This area is reinforced by the monthly R1, the weekly R3 and the post-Brexit high of 1.4313. The 55– and 100-hour SMAs could continue guiding the pair towards this territory, as supported by bullish technical indicators.
Given that this should be a rather uneventful day, a breakout above this area is unlikely. In terms of support, a possible downside target is be the weekly R1 at 1.4150.
