On Friday, the upper and lower ranges of the recent volatility have been marked as resistance and support. Economic Calendar
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
A recovery of the Pound against the US Dollar might encounter resistance in the 100-hour simple moving average near 1.2185 and the 1.2195/1.2215 zone. Higher above, note the 1.2300 mark and the weekly R1 simple pivot point at 1.2293.On the other hand, a decline of the GBP/USD could look for support in the weekly simple pivot point at 1.2127 and the 1.2100 mark, before reaching the Thursday's low levels at 1.2065/1.2075. In the meantime, note that the pair has recently been ignoring the 50 and 200-hour simple moving averages near 1.2150
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has been breaking one resistance after another. Namely, the upper trend line of the first half of 2022 channel down pattern was broken. On Monday, August 1, the 50-day simple moving average was breached.In regards to the near term future, take into account that the 100-day simple moving average near 1.2350.
Daily chart
Read More: Technical Analysis
Traders remain neutral
On Thursday, traders were neutral, 52% 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 57% to sell the GBP/USD.
On Friday, 50% of positions were short and long and pending orders were 60% to sell.
On Thursday, traders were neutral, 52% 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 57% to sell the GBP/USD.
On Friday, 50% of positions were short and long and pending orders were 60% to sell.