The release of the US monthly employment data at 13:30 GMT on Friday increased volatility on all pairs and assets that involve the US Dollar. During the volatility, the currency pair pierced the resistance of the 1.3550/1.3560 zone.
Economic Calendar
There are no more notable events set for this week. Next week's review is scheduled for Monday.
GBP/USD short-term review
If the GBP/USD clearly passes above the 1.3560 mark, the rate might find resistance in the weekly R1 simple pivot point at 1.3585 and the 1.3600 mark. Higher above, the weekly R2 simple pivot point is located at 1.3647.Meanwhile, a decline of the pair could find support in the 100-hour simple moving average near 1.3525. Afterwards, the rate might aim at the 200-hour simple moving average near 1.3500. In addition, take into account that the 1.3500 mark had acted as support on its own.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern.Most recently, the rate fluctuated between the support of the 50-day simple moving average at 1.3434 and the resistance of the 100-day simple moving average near 1.3558. Prior to the Fed drop. The rate had pierced the resistance of the 100-day SMA.
Daily chart
Read More: Technical Analysis
Short sentiment grows
Since Thursday, traders were bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 63% to sell the GBP against USD.
On Wednesday, 59% of volume was short and pending orders were 80% to sell.
Since Thursday, traders were bearish, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 63% to sell the GBP against USD.
On Wednesday, 59% of volume was short and pending orders were 80% to sell.