GBP/USD: Bulls will open fire beyond 50-day SMA

The GBP/USD pair on Friday initially edged lower but finally ended nearly unchanged for the day. Some follow-through buying beyond the 50-day SMA will trigger an appreciating move, according to Haresh Menghani from FXStreet. 

Key quotes

“The cable remained below 50-day SMA resistance and held steady around mid-1.30000s through the Asian session on the first trading day of a new week.”

“There isn't any major market moving UK economic data due for release on Monday and the US banks will remain closed in observance of Presidents' Day, leaving the pair at the mercy of any fresh Brexit-related headlines/developments.” 

“Bulls are likely to wait for some follow-through buying beyond 50-day SMA before positioning for any further near-term appreciating move towards the 1.3100 round-figure mark. The positive momentum could further get extended towards testing the next major hurdle near the 1.3145-50 supply zone.”