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GBP/USD Squeezed By Moving Averages

Yesterday, the GBP/USD exchange rate traded sideways in the 1.3120 area. During Friday morning, the rate was trading at 1.3100.

On the one hand, the currency pair could gain support from the 100– and 200-hour SMAs, currently located circa 1.3050, and some upside potential could prevail in the market. In this case the pair could exceed the 1.3140 level.

On the other hand, the exchange rate could be pressured by the 55-hour SMA, and go downwards. However, if the given 100– and 200-hour SMAs hold, the rate could consolidate.

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