GBP/USD (current price: 1.2489)
The Pound was under pressure throughout the day again after the bearish session on Thursday. Investors still think that the previously released plans for the Brexit negotiations are likely to lead to a quick process. The British Services PMI was worse than expected in January, coming in at 54.5, while the consensus estimate was 55.8. Cable fell below the all-important 1.25 level on Friday, after getting close to 1.28 earlier on the week. Volatile conditions might persist in the pair in the coming weeks.
Our assessment: The cross drifted out from a rising short-term trend channel on Friday. The long-term picture is neutral with strong support between 1.23 and 1.2350.
