The GBP/USD currency exchange rate has been finding support in the 1.3195/1.3210 zone. However, the rate had retraced up to the resistance of the 100-hour simple moving average and the weekly simple moving average near 1.3265, before the second decline to the support zone.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The GBP/USD has moved from 7.8 to 31.6 pips on the release since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The pair has moved from 23.5 to 58.0 pips on the announcement.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
In the case that the pair passes the support zone of 1.3195/1.3210, the GBP/USD might look for support in the weekly S1 simple pivot point at 1.3167. Further below, note the 1.3100 mark and the weekly S2 simple pivot point at 1.3093.Meanwhile, a recovery of the GBP against the USD is highly likely set to encounter resistance in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and this week's high level zone. All of these levels are located in the 1.3255/1.3290 zone.
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 1.3150.Daily chart
Read More: Technical Analysis
Traders set up buy orders
Since Tuesday, traders were bullish, as 67% 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 80% to buy the GBP against USD.
On Tuesday, the orders were 56% to sell.
Since Tuesday, traders were bullish, as 67% 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 80% to buy the GBP against USD.
On Tuesday, the orders were 56% to sell.