On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
If the pair breaks the pattern, resistance could be found in the weekly simple pivot point at 1.2192 and the 1.2200 mark. Higher above take into account the weekly R1 simple pivot point at 1.2274.However, if the pattern holds and the Pound declines against the US Dollar, support could be found in the 200, 100 and 50-hour simple moving averages near 1.2150, 1.2130 and 1.2110. Below the moving averages, note the weekly S1 simple pivot point that has acted as support on Wednesday and Thursday. A broader decline could look for support in the Tuesday and Wednesday low levels near 1.2060 and 1.2040.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD pair continues to decline in the borders of the channel down pattern. The lower trend line of the pattern is slowing down the ongoing descent and causing retracements back up.Daily chart
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Traders are long
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 64% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 71% to sell.
On Wednesday, traders were 62% long and orders were 56% to sell. By late Friday's trading, the positions were 64% long and orders were 57% to sell.
On Tuesday, open GBP/USD positions by Swiss Foreign Exchange traders were 64% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 71% to sell.
On Wednesday, traders were 62% long and orders were 56% to sell. By late Friday's trading, the positions were 64% long and orders were 57% to sell.