GBP/USD continued to retreat on Friday morning. The rate passed the support of the 55-hour SMA and retreated down to the weekly R2 at 1.3238.
The future short term forecast is built around the 55 and 100-hour SMAs and the weekly R2. It could be observed that the SMAs were set to meet one another and squeeze the rate at the weekly R2.
The squeeze should result in a break out to either the upside and 1.3366 or a drop down to 1.3160.
