Before reaching the 1.3350 mark, the GBP/USD started a recovery. Namely, the pair retraced back up to the combined resistance of the previously passed low level zone at 1.3410/1.3430, the 50-hour simple moving average and the 1.3400 level.
Economic Calendar
Next week, on Tuesday, at 13:30 GMT, the US Retail Sales and US Core Retail Sales are bound to impact the value of the US Dollar. The rate has moved 10.4 to 29.6 pips on the release since June 15.
On Wednesday, at 07:00 GMT, the UK Consumer Price Index will be published. Expect all GBP pairs to react to this event. The event has caused GBP/USD moves from 12.0 to 21.8 base points since June.
On Thursday, note that a minor USD move could be caused by the weekly US Unemployment Claims. The GBP/USD moved 11.7 to 31.6 pips on the release. However, the 31.6 move was created by the simultaneous release of the US CPI. Without the most recent release, the range is 11.7 to 19.9 points.
On Friday, at 07:00 GMT, the UK Retail Sales data will be published. The rate has moved 11.2 to 13.6 pips on the release.
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 GBP/USD resumes its decline, it could look for support in the 1.3350 level. Afterwards, the 1.3300 mark could serve as a support level. If both round exchange rate levels get passed, the pair could look for support in this week's weekly S2 simple pivot point at 1.3268.However, a potential passing of the resistance zone at 1.3410/1.3430 might result in the rate reaching the 100-hour simple moving average near 1.3475. Above the SMA, the 1.3500 mark could act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed below the September low level. The pair has not been this low since December 2020.Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were bullish, as 62% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, 61% of volume was bullish.
Meanwhile, on Thursday, in the 100-pip range around the rate the pending orders were 82% to buy the GBP against USD.
The orders were 68% to buy on Friday.
On Thursday, traders were bullish, as 62% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Friday, 61% of volume was bullish.
Meanwhile, on Thursday, in the 100-pip range around the rate the pending orders were 82% to buy the GBP against USD.
The orders were 68% to buy on Friday.