- The Swiss market is 55% bullish
- 67% of pending orders in the 100-pip range are set to SELL
- US Employment data at 12:30 GMT
The GBP/USD has reached above 1.30, as it expects US data. Namely, the US Employment data that will be published at 12:30 GMT is the main focus of the day.
The British pound depreciated against the US Dollar, following the UK Services PMI data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate lost 3 pips or 0.02% during a minute, right after the release. In the next minutes the rate was trading at the 1.3005 level.
The Markit released the UK Services PMI data that came out lower-than-expected of 53.9, compare to forecasted 54.0.
Chris Williamson, the Chief Business Economist .said: "The service sector continued to report solid steady business growth in September which, alongside news of sustained expansions in both manufacturing and construction, suggests the UK economy expanded by just under 0.4 per cent in the third quarter."
US monthly employment data sets at 12:30 GMT
All traders should note that on Friday at 12:30 GMT the US employment data sets like the Employment Change and Average Hourly Earnings will be published. By some financial media this event is seen as the most important of them all.
Join the event's cover webinar at 12:20 GMT to participate and see the data release live.
GBP/USD short term review
During Friday's session, most likely, the rate will surge upwards to the 1.3060 level due to support of the 100-hour and the 55-hour SMAs. The rate might break the resistance of the monthly PP at the 1.3038 mark and use it as support to break the 200-hour simple moving average during the day.On the other side, the monthly PP may resist the rate to pass the simple moving averages supports to trade at the 1.2980 level on Friday.
Hourly Chart
A new possible long term ascending pattern was spotted on the GBP/USD charts on Thursday.
If its lower trend line forces the rate into a proper rebound and a surge through the pivot point levels at 1.3040 and 1.3080, it might guide the rate up to the 1.3200 mark.
Daily chart
By the middle of Friday's trading 55% of Swiss Foreign Exchange traders were long on the GBP/USD.
In the meantime, trader set up orders, which indicate where the rate most likely will go next, were set to sell in 54% of all cases.
In general, sell orders had returned after some traders opened additional long positions during the recent surge.