Amid weak US GDP figures the Cable was able to edge higher on Friday, completely erasing all intraweek losses. The GBP/USD pair is expected to continue climbing up today, despite technical indicators retaining bearish signals both in the daily and the weekly timeframes. The pair is now supported by a strong cluster around 1.3170, represented by the 20-day SMA, the weekly and the monthly PPs, which is likely to prompt the exchange rate to eventually retake the 1.33 major level. However, we should not rule out the possibility of the Pound sustaining a minor loss of approximately 30 pips.
The British currency breached the descending channel's resistance line on Friday, but was unable to climb over the 1.33 major level. However, a breach of the upper border does not imply that further bullish momentum is to prevail, as pressure could cause the exchange rate to fall back to the 200-hour SMA around 1.3160, Dukascopy experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
