GBP/USD remains above 1.2950

Source: Dukascopy Bank SA
After consolidating by retracing back up, on Wednesday, the GBP/USD returned to trade below the 1.3000 mark.

In general, as a consolidating retracement back up to the hourly simple moving averages had removed the oversold pressure, the pair was expected to continue to decline.

Economic Calendar

US employment data sets are scheduled to be published on Friday at 13:30 GMT. GBP/USD moves from 21.7 to 51.3 pips have been caused by this event since September 2019.

The week's event historical data tables have been published. Click on the headline below to read the article.

GBP/USD short-term review

During the early noon London trading hours, the GBP/USD had bounced off the resistance of the 100 and 200-hour simple moving averages. This resulted in the rate dropping below the 1.3000 level.

In general, the rate was expected to once again test the support of the 1.2950 level. If this level holds, the rate could trade sideways until it would be approached by the resistance of the hourly simple moving averages.

On the other hand, in the case of the 1.2950 failing to hold, the rate would approach a 38.20% Fibonacci retracement level at 1.2918.

Hourly Chart



On the daily candle chart, the rate's decline could look for support in the 100-day SMA, which on Wednesday was located near 1.2880.

Daily chart


Traders are neutral on GBP/USD

On Wednesday, 52% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.

Meanwhile, trader orders were bullish. In the 100-pip range, 57% of orders were to buy and 43% were sell orders.

The orders were 61% to buy on Tuesday.

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