The resistance zone above the 1.3923 level held out. During the early hours of Thursday's trading, the GBP/USD rate had passed the support of the trend line, which pushed the rate up during this week.
At mid-day, it was spotted that the rate was finding short term support in the 55, 100 and 200-hour simple moving averages.
Economic Calendar
On Friday, the rate could move due to the US employment data at 12:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and the Non-Farm Employment Change could cause a move from 22.0 to 55.0 pips.
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 simple moving averages holding, the rate could once again make an attempt to pass the zone from 1.3923 to 1.3932. A breaking of this zone could result in a surge to the 1.3975 level.On the other hand, a failure of the hourly simple moving averages to provide support would most likely result in a decline to the weekly simple pivot point at 1.3867.
Hourly Chart
GBP/USD daily chart's review
The support of the 1.3800 mark was enough for the rate to return to trading above the 55-day simple moving average. It was spotted on Wednesday that the SMA had resumed to provide support to the currency exchange rate.Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were short, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 54% short,
Meanwhile, in the 100-pip range around the rate the pending orders were 76% to sell.
On Wednesday, traders were short, as 55% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 54% short,
Meanwhile, in the 100-pip range around the rate the pending orders were 76% to sell.