The GBP/USD remained stuck in the range at the 1.3020 mark on Friday morning. The rate bounced off the upper boundary of the freshly drawn trend line during Thursday’s session.
The rate had no support on Friday, as the closest support level was the 55-hour SMA at 1.2980. However, it was too far away from the rate to actually provide support. Moreover, the hourly SMA’s tried to catch up the rate during the last two trading sessions.
Most likely the currency exchange rate will continue to trade sideways until the SMAs catch up and slam it into the weekly R2 at 1.3046.
