Since the middle of Wednesday's GMT trading hours, the GBP/USD traded sideways between a pivot point at 1.2727 and the 1.2750 level.
In the meantime, the currency exchange rate revealed minor scale channel down pattern, whose resistance line could push the rate down.
Economic Calendar
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the UK Retail Sales data will be issued at 6:00 GMT. On the same day, Markit is going to publish PMIs survey results for the UK and the US.
GBP/USD short-term review
On Thursday morning, the GBP/USD revealed a channel down pattern, whose upper trend line could strengthen the resistance of the 1.2750 level. In the meantime, the rate could gain addition support from the 55-hour SMA.In the near term future, the pair should get squeezed in between these levels. Afterwards, a break out with a sharp move up or down would occur.
A sharp move up would face no resistance as high as 1.2850, and a decline would meet support near 1.2665.
Hourly Chart
On the daily candle chart, on Thursday, the rate began to find support in the 200-day simple moving average, which had previously provided resistance.
In the meantime, a larger channel up pattern has been added to the chart. The pattern is unlikely going to impact the exchange rate in the near term future.
Daily chart
Read More: Technical Analysis
Traders go short
On Thursday, 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment was 52% short.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 53% of pending orders were set to buy the GBP/USD.
On Thursday, 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, the sentiment was 52% short.
Meanwhile, in the 100-pip range around the rate the orders were neutral, as 53% of pending orders were set to buy the GBP/USD.