After being located near the upper wedge boundary on Thursday morning, GBP/USD was pressured lower and consequently pushed through the weekly R1 and the 55-hour SMA down to the 1.3060/85 area. The up-trend, however, was not reached, thus leaving the rate above the 100-hour SMA. The increasing steepness of the up-trend suggests that the Pound has been affected by solid upside risks that may result in an breakout of the wedge, especially if this trend-line is not breached in the upcoming trading sessions. The effect of US Advance GDP is yet to be seen; however, the rate is generally expected to remain above the 200-hour SMA which may be set as the bottom limit for today. From upside, however, weak US data may push the rate as high as the monthly R1 at 1.3177.
