The 100-hour SMA failed to keep the rate up on Wednesday.
On Thursday morning, the currency exchange rate was located at the 1.3280 level and had no technical support as low as a cluster of levels near 1.3250.
Economic Calendar
On Thursday, watch the economic calendar two times during the day. At 12:30 the weekly US Unemployment Claims are set to be released.
At 14:00 GMT, the US ISM Non-Manufacturing PMI results will be published.
On Friday, both Canada and the US are set to release their monthly employment data at 12:30 GMT. Depending on the currencies that one trades, one needs to look at different data tables, as reactions to the event vary.
Click on the link below to see the historical reaction tables.
GBP/USD short-term review
The rate is expected to reach the support of the weekly and monthly simple pivot points and the 200-hour simple moving average at 1.3250. The technical levels surround the round exchange rate level.In the case of the support levels holding, the rate would bounce off it and surge. A potential surge would reach for the psychological resistance of the 1.3300 level or even the resistance of the 55 and 100-hour SMAs near 1.3360.
On the other hand, the support levels could fail. If the support levels fail, the rate would aim at the 1.3200 level. If the 1.3200 does not stop a decline, the weekly S1 simple pivot point at 1.3152 could be reached.
Hourly Chart
On the daily candle chart, the pair's surge is occurring in the borders of a large scale channel up pattern.
In the meantime, zoom out and move back in the chart to observe how the 1.3383 high level previously had caused declines in 2019 December and March.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment became 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 52% to sell the GBP/USD pair.
Previously, the orders were 57% to buy.
On Thursday, 71% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment became 69% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 52% to sell the GBP/USD pair.
Previously, the orders were 57% to buy.