The GBP/USD found support just above 1.4110, on Wednesday, before starting a recovery that reached the resistance of the 55 and 100-hour simple moving averages near 1.4180. Note that during the prior decline, the rate pierced the support of the weekly S1 simple pivot point at 1.4119.
Economic Calendar
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the GBP/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused GBP/USD moves from 22.0 to 76.4 pips since January.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair could once again reach the support of the weekly S1 simple pivot point at 1.4119. In the case of this level being clearly passed, the rate might reach for the support of the May low levels below the 1.4100 mark.However, a potential surge would most likely first test the resistance of the weekly simple pivot point at 1.4169 and the simple moving averages from 1.4167 to 1.4180. Afterwards, the weekly R1 at 1.4146 could be reached.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is trading sideways in the borders of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark. On Tuesday, this level provided resistance.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 72% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell.
On Thursday, traders were short, as 71% of trader open position volume on the Swiss Foreign Exchange was in short positions. Previously, the positions were 72% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell.