The GBP/USD exchange rate reversed south from the psychological level at 1.3180.
It is likely that the rate could face the resistance of the 55- and 100-hour SMAs and trade downwards.
Economic Calendar
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
The week ahead is going to be relatively calm on the economic calendar. Most of the events, that could impact the markets, are from the US.
On Tuesday, the US Core PPI and PPI data are going to be released at 12:30 GMT.
On Wednesday, the UK GDP data, as well the Manufacturing Production data is set to be issued at 6:00 GMT. Later that day, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate reversed south from the psychological level at 1.3180. During Friday morning, the rate was trading at 1.3090.It is likely that the currency pair could be pressured by the 100-hour SMA near 1.3100 and trade downwards in the short run. In this case the pair could target the weekly PP at 1.3013.
In the meantime, it is likely that the exchange rate could gain support from the 200-hour SMA near 1.3060. If the given support holds, it is likely that the rate could consolidate.
Hourly Chart
On the daily candle chart, the rate is consolidating in the 1.3080 area.
In the meantime, it is likely that the rate is in the overbought area, as it is trading far above the 55-, 100- and 200-day moving averages.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bullish, as 76% of pending orders were set to buy the GBP/USD pair.
On Friday, 65% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bullish, as 76% of pending orders were set to buy the GBP/USD pair.