The Wednesday drop of the GBP/USD touched the 1.2920 level. Afterwards, the rate began a recovery.
On Thursday morning, the currency exchange rate was testing the cluster of technical resistance levels at 1.3030.
Economic Calendar
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
The GDP has moved the GBP/USD from 9.8 to 26.8 pips since July 2019. Meanwhile, the Unemployment Claims since September 24 have caused 10.0 to 22.3 pips moves
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
In the near term future, the rate has two possible scenarios that are based upon whether or not the 1.3030 level provides resistance. At that level, a combination of the 55, 100 and 200-hour simple moving averages together with a monthly pivot point were located at.In the case of the resistance holding, the pair would once again decline. A decline would test the previous low level of 1.2920 and afterwards the weekly S1 simple pivot point at 1.2911.
On the other hand, if the 1.3030 resistance fails, the rate would immediately face the weekly simple pivot point at 1.3044. If the pivot point fails, the rate could reach for the 1.3100 mark.
Hourly Chart
On the daily candle chart, one can observe the broken channel up pattern.
In the meantime, note that the 1.3030 mark's resistance was strengthened by the 55-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Wednesday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Thursday, the open positions were balanced. 50% was short and 50% was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 54% to sell the GBP/USD pair.
On Thursday, the open positions were balanced. 50% was short and 50% was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 54% to sell the GBP/USD pair.