GBP/USD experienced another day of weakening on Friday. After failing to surpass the 55– and 100-hour moving averages near 1.3950 early in the day, it began falling.
Additional bearish pressure was provided by the disappointing UK GDP release as a result of which the Pound lost 171 pips against the US Dollar and stopped slightly above the monthly S1 at 1.3750.
During the subsequent hours the Pound was trading sideways in a very narrow range. This demonstrates that the bearish sentiment might have finally allayed, thus allowing for a move northwards in this session. It is expected that the daily high should be the 1.39 mark which is reinforced by several noteworthy resistance levels.
In terms of support, the pair is unlikely to fall below the weekly S1 at 1.3679.
