During the first half of Thursday's European trading, the GBP/USD currency exchange rate remained below the resistance of the 55-hour simple moving average.
Economic Calendar
On Friday morning, at 06:00 GMT, the UK Retail Sales could cause a move. The event has caused moves from 8.6 to 20.6 since November 2020.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the case of the 1.3900 level failing to continue to provide support, the GBP/USD would most likely decline to the 1.3850 level and the 200-hour simple moving average, which could strengthen the round exchange rate level. Although, a drop below these levels could reach the 1.3800 mark.A potential surge would need to pass the resistance of the 55-hour simple moving average near 1.3940, the 1.3950 mark and afterwards test the resistance zone near 1.4000.
Hourly Chart
GBP/USD daily chart's review
On Thursday, the rate has continued its decline after bouncing off the 1.4000 level the previous day, piercing the 55-hour simple moving average and the resistance level of the 1.3842 mark.Note that the 1.4000 has been keeping the GBP/USD down since the start of March.
Daily chart
Read More: Technical Analysis
Buy orders increase
On Thursday, traders were short, as 56% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, 62% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 85% to buy. Previously, the orders were 73% to buy.
On Thursday, traders were short, as 56% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, 62% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 85% to buy. Previously, the orders were 73% to buy.