Since the middle of Wednesday's GMT trading hours, the GBP/USD has traded near the 1.2350 mark. In the meantime, it had been testing the resistance of the 55-hour SMA, which was broken on Thursday morning.
Although, the breaking of the SMA did not result in a surge, as the rate was pressured by the resistance of the 100-hour SMA and the weekly S1 simple pivot point at 1.2395.
Economic Calendar
On Thursday, at 12:30 GMT, the US Unemployment Claims are scheduled to be released. Most likely, the event would reveal another major decline in US employment.
Also on Thursday, at 13:45 US Manufacturing PMI could cause a move, as in February and March it created 24.1 and 29.9 pip moves.
Last but not least, a notable reaction of above then pips could be created by the US Durable Goods orders.
GBP/USD short-term review
In regards to the near term future, the pair is expected to test the resistance of the 100-hour SMA. If the SMA manages to hold, it would push the pair down to the 1.2300 level.On the other hand, if the SMA fails, resistance would be first provided by the weekly S1 simple pivot point at 1.2395 and the 50.00% Fibonacci retracement level at 1.2418.
Hourly Chart
On the daily candle chart, the pair has bounced off the resistance of the 55 and 200-day simple moving averages.
In regards to the future, the rate could decline to the 1.2200 level, which provided the rate with support at the start of April.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since the middle of Wednesday's GMT trading hours, the sentiment on the Swiss Foreign Exchange was 51% short.
On Thursday, the sentiment became 51% long. Traders have remained neutral.
Since the middle of Wednesday's GMT trading hours, the sentiment on the Swiss Foreign Exchange was 51% short.
On Thursday, the sentiment became 51% long. Traders have remained neutral.