Note the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.
GBP/USD short-term view
On Friday morning, the pair was testing the support of the 1.1950 level. If the support level holds, the rate is expected to surge and test the resistance of the 1.2000 mark. A move above 1.2000 could encounter resistance in the zone that surrounds the 1.2050 mark. Meanwhile, note that the rate has been ignoring the weekly R1 simple pivot point at 1.2012.On the other hand, a decline of the pair below 1.1950 is set to find minor support in the 200-hour simple moving average near 1.1920, prior to reaching the 1.1900 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1500 mark, where the lower trend line of a channel down pattern is located at.In the meantime, note that the recent recovery might encounter resistance in the upper trend line of the 2022 channel down pattern near 1.2100.
Daily chart
Read More: Technical Analysis
Traders are mostly long
On Friday, traders were long, 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 63% to buy the GBP/USD.
On Thursday, the open positions were 61% long and pending orders were 60% to buy.
On Friday, traders were long, 66% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 63% to buy the GBP/USD.
On Thursday, the open positions were 61% long and pending orders were 60% to buy.