During today's morning, the GBP/USD exchange rate was testing the support level formed by the weekly PP at 1.2832.
Given that the rate is pressured by the 55-, 100- and 200-hour SMAs, it is likely that some downside potential could prevail.
Economic Calendar
This week, there are no events left that could affect the GBP/USD pair.
Next week, data releases from the US will be on focus.
On Tuesday, October 29, the US CB Consumer Confidence data will be released at 14:00 GMT.
On Wednesday, October 30, the US ADP Non-Farm Employment Change data will be published at 12:30 GMT.
Also, at the same day, the US Advance GDP will be published at 12:30 GMT.
Moreover, the FOMC Statement and the Federal Funds Rate data will be published at 18:00 GMT.
On Thursday, October 31, the US Personal Spending data will be released at 12:30 GMT.
On Friday, November 1, the UK Markit Manufacturing PMI survey results will be published at 9:30 GMT.
Also, the US Employment data set will be on focus - the Average Hourly Earnings, the Non-Farm Employment Change and the Unemployment Rate data will be published at 12:30 GMT.
At the same day, the US ISM Manufacturing PMI survey results will be published at 14:00 GMT.
Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
GBP/USD short-term review
On Thursday, the GBP/USD exchange rate tried to surpass the support level formed by the weekly PP at 1.2832. During today's morning, the rate continued to test the given support.Note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 1.2861/1.2907 area. Thus, it is likely that the pair could decline in the short term. A possible downside target is the psychological level at 1.2750.
However, if the given support level holds, it is likely that a reversal north could occur in the nearest future. However, it is unlikely that the exchange rate could exceed the Fibonacci 38.20% retracement at 1.2918.
Hourly Chart
On the daily candle chart, the exchange rate surpassed the resistance provided by the 200-day moving average.
The rate faced the resistance level formed by the monthly R2 at 1.2904. The given moving average could now provide support, thus, the rate could continue to extend gains.
Daily chart
Read More: Technical Analysis
Traders go short
On Friday, 58% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were neutral. In the 100-pip range, 51% of orders were to buy and 49% were to sell.
Meanwhile, trader orders were neutral. In the 100-pip range, 51% of orders were to buy and 49% were to sell.