On Friday morning, the GBP/USD currency pair reached the zone of the September and October low levels at 1.3413/1.3433.
Economic Calendar
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved GBP/USD from 35.2 to 52.8 pips since June 2021.
Next week, on Tuesday, the US Producer Price Index and Core Producer Price Index at 13:30 GMT could cause minor USD volatility. The GBP/USD has moved from 8.4 to 25.8 on the release.
On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index will be released. In addition, the weekly US Unemployment Claims are set to be out at the same time. If the data sets combined beat or disappoint forecasts, a notable move in all USD assets might occur.
The CPI has caused moves from 23.5 to 58.0 pips since June. Meanwhile, the Unemployment Claims have created moves from 11.7 to 19.9 base points.
On Thursday, the UK Preliminary Quarterly GDP data might cause a move from 8.1 to 16.0 pips, as it has done so since August 2020.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
A passing of the support zone at 1.3413/1.3433 would leave the pair with no close by technical support on the hourly candle chart. The pair could look for support in round exchange rate levels as the 1.3400 and 1.3350. However, take into account that at the start of next week new weekly pivot points will impact the pair. Namely, support levels could be placed in the range from 1.3400 to 1.3350.Meanwhile, a recovery of the rate might find resistance in the weekly S3 simple pivot point at 1.3466. Higher above, the rate could encounter the weekly S2 simple pivot point at 1.3567, which could be strengthened by the 50-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed also the support zone that was located below the 1.3600 mark. Next target on the chart is the September low level at 1.3412.Daily chart
Read More: Technical Analysis
Short sentiment is gone
On Friday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, 56% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 89% to buy.
On Thursday, orders were 87% to buy.
On Friday, traders were neutral, as 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, 56% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 89% to buy.
On Thursday, orders were 87% to buy.