The GBP/USD dropped below the 1.2650/1.2660 support range, before starting a recovery. By late Thursday's trading, the pair was back at Wednesday's high level. Economic Calendar
On Friday, at 13:30 GMT, the US Employment data sets will be released and they are set to impact the market. The release consists of Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings month on month difference.
GBP/USD hourly chart analysis
An extension of the ongoing surge is set to face the resistance range at 1.2760/1.2780 and the weekly R1 simple pivot point at 1.2768. Higher above, note the 1.2800 mark, the August high at 1.2819 and the weekly R2 simple pivot point at 1.2834.In the case of a decline, the rate is set to look for support in the weekly simple pivot point at 1.2709, the 1.2700 mark and the combination of the 50, 100 and 200-hour simple moving averages in the 1.2680/1.2700 range. Further below, note that the 1.2650/1.2660 range could once again turn into support. Further below, note the weekly S1 at 1.2643.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, additional support appears to be provided by the 50-day simple moving average at 1.2680. In addition, note the 200-day SMA at 1.2575.Daily chart
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Traders have gone short
On Thursday, traders were 55% short, as that proportion of all open positon volume on Swiss Foreign Exchange was in short positions.
Meanwhile, pending orders in the 100-pip range around the rate were 67% to sell.
Before the central bank events, traders were 50% short and long. Pending orders were 54% to buy.
Meanwhile, pending orders in the 100-pip range around the rate were 67% to sell.
Before the central bank events, traders were 50% short and long. Pending orders were 54% to buy.