At mid-day on Friday, the GBP/USD currency exchange rate pierced the support of the weekly S1 simple pivot point at 1.3264. The rate was pushed down initially on Thursday by the 200-hour SMA. On Friday, the 50-hour simple moving average provided resistance.
Economic Calendar
This week, the main event will be the release of the US employment data on Friday at 13:30 GMT. The release will consists of the publication of the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The rate has moved from 35.2 to 52.8 pips on the employment release.
In addition, take into account the US ISM Services PMI survey results on Friday at 15:00 GMT. This event has caused GBP/USD moves from 8.2 to 26.9 base points.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
A potential decline further below might look for support in the 1.3200 mark, which provided the pair with support on Tuesday, in the aftermath of the Jerome Powell's testimony to the US Congress.Meanwhile, a recovery of the GBP/USD is most likely going to encounter resistance in the 50, 100 and 200-hour simple moving averages near 1.3300 and 1.3325. In the meantime, note that the 1.3280/1.3300 zone appears to no longer impact the rate.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern. Note the lower trend line of the pattern near 1.3200.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Thursday, traders were bullish, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to sell the GBP against USD.
On Friday, the sentiment was 64% long and orders were 76% to buy.
On Thursday, traders were bullish, as 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 58% to sell the GBP against USD.
On Friday, the sentiment was 64% long and orders were 76% to buy.