For fifteen hours, the GBP/USD made attempts to pass the 1.3165 level. On Friday, the rate failed at passing this level and retreated down to the support of three technical levels near 1.3110.
In general, the rate was expected to find support in the 55-hour SMA, which should push the rate into the resistance of a 50.00% Fibonacci retracement level at 1.3200.
Economic Calendar
On Friday, the US Employment data sets will be published at 13:30 GMT. The event consists of three numbers – Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. Since July, moves from 21.7 to 51.3 pips have been caused by the release.Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate tried to surpass the 1.3165 level. During Friday morning, the rate was testing the support level formed by the 55-hour SMA, as well weekly R3 and the monthly R2 at 1.3110.If the given support level holds, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could face the resistance level—the Fibonacci 50.00% retracement at 1.3196.
On the other hand, the British Pound could consolidate against the US Dollar at the 1.3150 area in the short run. Also, it is unlikely that bears could prevail, and the rate could drop lower than the support level formed by the weekly R2, the monthly R1 and the 100-hour SMAs at 1.3040.
Hourly Chart
On the daily candle chart, the rate continues to surge in the borders of a long term channel up pattern. The resistance line of the pattern was located at the 1.3600 level.
Daily chart
Meanwhile, trader orders were set to sell. In the 100-pip range, 57% of orders were sell and 43% were to buy.
Previously, 76% of orders were to sell.