Despite some volatility throughout the day, the GBP/USD exchange rate remained stable during Friday’s trading session. From above, it was restricted by the monthly PP at 1.3427, while a fall below the 1.3360 level was stopped by the 100-period (4H) SMA.
In general, the pair has maintained its tendency north in an ascending channel during the following two weeks. Technical signals suggest that the Sterling could re-test this 100-period and 200-hour SMAs near 1.3360 today. The bottom channel line is likewise located there. The general bullish tendency suggests that this level might mark a reversal to the upside within the aforementioned channel.
In case the 55-hour SMA is breached, daily gains should be capped near the weekly R1 and the 200-period (4H) SMA at 1.3490.
