It appeared on Thursday, that in addition to ignoring the technical levels the GBP/USD has started to also ignore the resistance and support of round exchange rate levels.
Meanwhile, it was spotted that there is a resistance zone above the 1.3800 level.
Economic Calendar
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 19.6 to 55.0 pips on the GBP/USD charts.
Next Monday, at 15:00 GMT, minor USD moves could be created by the publication of the US ISM Non-Manufacturing Purchasing Managers Indice. The GBP/USD has moved from 11.8 to 38.4 during the last half-year.
On Wednesday, at 19:00 GMT, the US Federal Open Markets Committee is set to publish its Meeting Minutes. The GBP/USD had the initial reaction of 5.1 to 20.0 base points.
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 case of the resistance zone holding, the pair could trade sideways below the 1.3800 level or decline. Potential support could be provided by the 1.3760, 1.3740 and 1.3720 levels.On the other hand, a breaking of the zone above the 1.3800 level could reach the resistance of the 1.3840 level.
Hourly Chart
On the daily candle chart, the rate is trading between the resistance of the 55-day simple moving average and the support of the channel up pattern, which captures the rate's recovery since March 2020.
However, both levels can be pierced, as the rate shortly trades above resistance or below support and afterwards returns to previous levels.
In addition, note the approaching support of the 100-day simple moving average near 1.3630.
Daily chart
Read More: Technical Analysis
Traders go short
On Wednesday, traders went short, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 56% of volume was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell the GBP/USD pair.
The orders were 60% to sell on Wednesday.
On Wednesday, traders went short, as 53% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 56% of volume was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell the GBP/USD pair.
The orders were 60% to sell on Wednesday.