On Friday, note the US ISM Manufacturing PMI at 14:00 GMT.
GBP/USD short-term review
A move below the weekly S2 simple pivot point at 1.2085 could encounter support in the 1.2050 level, before reaching the weekly S3 simple pivot point at 1.2010.Meanwhile, a recovery of the Pound against the US Dollar is expected to face resistance in the 1.2160/1.2170 zone, the 50-hour simple moving average and the weekly S1 simple pivot point at 1.2174.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate continues to trade in a channel down pattern. Note the pattern's resistance near 1.2400 and the 50-day simple moving average.Daily chart
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Traders are neutral
On Wednesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.
On Thursday, open positions were 51% long and pending orders were 58% to sell.
On Wednesday, traders were neutral, 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
In the meantime, pending orders in a 100-base point range around the pair were 52% to sell the GBP/USD.
On Thursday, open positions were 51% long and pending orders were 58% to sell.