On Friday, the GBP/USD was consolidating the previous decline. Besides that, the previous targets were hit early on Thursday.
In general, after a period of trading sideways the rate should continue to decline. Meanwhile, note that the US employment data sets might slightly influence the GBP/USD from the USD side.
US data on Friday will impact the GBP/USD
On Friday, Canada and the US will publish their monthly employment data sets. It has five important data sets impacting the USD/CAD. It is the most complicated one to work with, as each data set impacts the rate differently.
For more information watch the weekly calendar analysis stream on our YouTube channel.
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GBP/USD short term review
On Friday, the GBP/USD was trading sideways just below the 1.3100 level.In the first scenario it could break this psychological resistance of a round level and surge up to the pivot point and the 55-hour SMA at 1.3130.
On the other hand, the rate could resume its decline sooner and begin to decline down to the 1.3060 level. At that level the first weekly support level is located at.
Hourly Chart
On the daily chart the recent moves have been consistent with a dominant ascending pattern. The rate is retracing downwards in the borders of it.
If the descent continues at the current angle, the rate might reach down to the 1.3000 mark.
Daily chart
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Traders remain short
Traders continue to mostly short the GBP/USD. On the Swiss Foreign Exchange of the total open position volume 60% was short on Friday.
Meanwhile, the pending orders were set to sell. 55% of pending commands in the 100-pip range were set to buy the GBP/USD.
In general, traders remain short despite the sideways trading.
Meanwhile, the pending orders were set to sell. 55% of pending commands in the 100-pip range were set to buy the GBP/USD.
In general, traders remain short despite the sideways trading.