On Friday, the pair might react to the publication of the UK monthly retail sales data at 06:00 GMT.
Afterwards, note the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.
GBP/USD short-term view
A potential extension of the decline of the Pound against the US Dollar might look for support in the 1.1950 mark and the 100-hour simple moving average. Further below note the 200-hour SMA near 1.1915 and the 1.1900 level.However, a move higher by the GBP/USD could encounter resistance in the 1.2000 mark and the 1.2035/1.2055 zone.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1500 mark, where the lower trend line of a channel down pattern is located at.In the meantime, note that the recent recovery might encounter resistance in the upper trend line of the 2022 channel down pattern near 1.2100.
Daily chart
Read More: Technical Analysis
Traders are mostly long
On Wednesday, traders were long, 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Thursday, the open positions were 61% long and pending orders were 60% to buy.
On Wednesday, traders were long, 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Thursday, the open positions were 61% long and pending orders were 60% to buy.