Meanwhile, note that, by large, the rate ignores the hourly simple moving averages.
Economic Calendar
The week will end with the US Retail Sales data at 12:30 GMT.
On Friday, the GBP is expected to adjust its value to the UK Retail Sales data at 06:00 GMT.
Later on at 08:30 GMT, the UK Markit PMIs are bound to impact the currency exchange rate. Afterwards, at 13:45 GMT, the US PMIs could also impact the GBP/USD.
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 rate was expected to trade between the 1.3800 and 1.3900 levels despite the high volatility range of 100 base points. Eventually, the rate would break out of this range.A break out above the 1.3900 level would face the resistance of the 1.3950 mark and the weekly R1 simple pivot point at 1.3963. Above these levels, the 1.4000 mark would provide resistance.
On the other hand, a decline below 1.3800 would immediately test the support of the weekly S1 simple pivot point at 1.3796. Afterwards, the rate would have no support as low as the July low levels near 1.3740.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, rate continues to test the resistance of the 1.3900 mark.If the 1.3900 fails to provide resistance, the pair could reach the 100-day simple moving average near 1.3935 and, afterwards, the 1.4000 mark together with the 55-day SMA.
On the other hand, a potential decline could once again look for support in the 1.3800 mark before reaching for the March and April low levels and the 200-day simple moving average close below the 1.3700 level.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, traders were short, as 54% of traders open positions volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 55% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 82% to buy.
On Friday, traders were short, as 54% of traders open positions volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 55% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 82% to buy.