During the first half of Thursday's trading, the pair had retreated from the 50-hour SMA and was approaching the support of the weekly S1 simple pivot point.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The GBP/USD has moved from 7.8 to 31.6 pips on the release since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The pair has moved from 23.5 to 58.0 pips on the announcement.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
The GBP/USD rate would most likely decline, if it passes the support of the weekly S1 simple pivot point. A move below the pivot point would have no support as low as the 1.3100 mark and the weekly S2 at 1.3093.However, a recovery of the pair from the weekly S1 might find resistance in the 50-hour SMA at 1.3225 and the 100-hour SMA near 1.3240. Above the two SMAs, next close by resistance on Thursday was the weekly simple pivot point at 1.3269, the 200-hour SMA at 1.3275 and this week's high levels above 1.3280.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate remains in the borders of the large scale channel down pattern. Note the lower trend line of the pattern near 1.3150.Daily chart
Read More: Technical Analysis
Long sentiment increases
Since Tuesday, traders were bullish, as 67% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, the open positions were 70% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 63% to buy the GBP against USD.
On Wednesday, the orders were 80% to buy.
Since Tuesday, traders were bullish, as 67% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, the open positions were 70% long.
Meanwhile, in the 100-pip range around the rate the pending orders were 63% to buy the GBP against USD.
On Wednesday, the orders were 80% to buy.