During late Thursday's trading hours, the GBP/USD was once again testing the 1.2590/1.2610 range and the 100 and 200-hour simple moving averages. Economic Calendar
On Friday, note that two events can impact the rate. First of all, note the UK Retail Sales data release at 07:00 GMT.
Afterwards, at 13:30 GMT, the US Producer Price Index is set to impact the financial markets via the US Dollar.
GBP/USD hourly chart analysis
A move above 1.2610 could be slowed down by the weekly R1 simple pivot point at 1.2672. Higher above, note the 1.2700 mark and the weekly R2 simple pivot point at 1.2720.On the other hand, a decline of the Pound against the US Dollar is expected to look for support in the weekly S1 simple pivot point at 1.2578 and the 1.2535/1.2540 range. Below these levels, the 1.2500 level and the weekly S2 at 1.2470 might provide support.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate is above the 100 and 200-day simple moving averages. The pair appears to have been reversed by the 100-day SMA.In regards to resistance, the 50-day simple moving average is acting as resistance near 1.2680. This moving average acted as support during the second part of January.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were 60% long, as that proportion of all open positon volume on Swiss Foreign Exchange was in bullish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 53% to buy.
Meanwhile, pending orders in the 100-pip range around the rate were 53% to buy.