The support zone was enough to cause a surge, which by the middle of Thursday's European trading hours had managed to shortly reach above the 1.1975/1.1995 zone and the 1.2000 mark. However, it appeared that the 100-hour simple moving average near 1.2020 acted as resistance and no surge occurred. Economic Calendar
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
If the currency pair reaches above the 100-hour simple moving average, the 1.2050 mark might slow down a potential surge, before the rate reaches the combined resistance of the 200-hour SMA and the 1.2100 mark.Meanwhile, a resumption of the broader decline of the Pound against the US Dollar might find support in the 2019 low level at 1.1960, the 1.1950 mark, the 50-hour simple moving average and the weekly S1 simple pivot point at 1.1934. After all these support levels are passed, the 1.1875/1.1900 zone could still stop a decline.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1600 mark, where the lower trend line of a channel down pattern is located at.Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were long, 59% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Wednesday, open positions were 57% long and pending orders were 53% to sell.
On Thursday, traders were long, 59% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 56% to sell the GBP/USD.
On Wednesday, open positions were 57% long and pending orders were 53% to sell.