Since Wednesday's early trading hours, the GBP/USD has fluctuated between the 1.3800 mark and the 55-hour simple moving average, which had been pushing the rate up.
The situation was expected to end with a squeeze in between the two mentioned levels.
Economic Calendar
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 12.0 to 26.3 pips on the release.
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 55-hour simple moving average pushing the rate through the resistance of the 1.3800 mark, the pair would reach for the weekly R1 simple pivot point at the 1.3861 level.On the other hand, a passing of the support of the 55-hour SMA, the pair could look for support in the combination of the weekly simple pivot point at 1.3766, which could be soon strengthened by the 100-hour simple moving average.
Hourly Chart
On the daily candle chart, the rate's decline appears to have found support in the 100-day simple moving average, which reached the rate from below on Friday.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
Since Tuesday, 51% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell.
On Thursday, traders were neutral, as 50% of trader open position volume on the Swiss Foreign Exchange was in short and long positions.
Since Tuesday, 51% of volume was long.
Meanwhile, in the 100-pip range around the rate the pending orders were 70% to sell.