The 1.3860 mark managed to provide enough resistance for the pair to decline. By the middle of Wednesday's trading, the GBP/USD had reached the 1.3820 mark, which appeared to be providing support.
Economic Calendar
On Thursday, the US weekly Unemployment Claims at 12:30 GMT could cause a minor USD move. The rate has moved from 12.3 to 45.8 pips on the release since May 27.
Later on at 14:00 GMT, the ISM Manufacturing PMI is likely going to impact the value of the US Dollar. This event has caused 13.1 to 21.6 pips during the releases since February 1.
On Friday, at 12:30 GMT, all USD traded assets and currency pairs are bound to move due to the monthly US employment data. The data release will consist of US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The GBP/USD has moved 22.0 to 76.4 pips on the release since February 2021.
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
If the rate recovers from the 1.3820 level, it would eventually face the resistance of the 1.3860 mark and the 55-hour simple moving average, which would approach from above.On the other hand, a potential decline would look for support first in the 1.3820 level. Afterwards, the rate could reach the 1.3800 mark and the June low levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains below the resistance of the 55 and 100-day simple moving averages and the 1.4000 mark.Meanwhile, note that the 1.3800 level stopped the June decline. It could provide more support in the future.
Daily chart
Read More: Technical Analysis
Short sentiment decreases
On Wednesday, traders were short, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday morning, the sentiment was 57% short. It had declined by two percent since Tuesday.
Meanwhile, in the 100-pip range around the rate the pending orders were 57% to buy. The orders 74% to buy on Tuesday.
On Wednesday, traders were short, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday morning, the sentiment was 57% short. It had declined by two percent since Tuesday.
Meanwhile, in the 100-pip range around the rate the pending orders were 57% to buy. The orders 74% to buy on Tuesday.