The GBP/USD pair dropped toward 1.4100 during the European trading hours but didn’t have a tough time erasing its losses. After turning flat around 1.4150 in the second half of the day, the pair seems to have gone into a consolidation phase and now looks to close the day virtually unchanged.
During Friday’s trading session, the British Pound declined by 83 pips or 0.58% against the US Dollar. The currency pair breached the 50- and 100- hour SMAs on Friday. The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.4154. If the channel pattern holds, bullish traders could target the weekly resistance level at 1.4234 within this session.
