Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD hourly chart analysis
In the near term future, the pair is set to face the resistance of the 1.2800 mark and the weekly R3 simple pivot point at 1.2802. Higher above, note that the August high level could slow down a surge at 1.2819.On the other hand, a decline would look for support in the 1.2760/1.2775 range, the weekly R2 simple pivot point at 1.2750 and the 50-hour simple moving average near 1.2725.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the 50-day simple moving average has been broken. It no longer acts as resistance. Meanwhile, note that the 50 and 100-day simple moving averages could act as additional support.On Thursday, the rate had reached the late 2023 and early 2024 high level zone at 1.2800/1.2850. This range acted as support and resistance during the middle of 2023.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, traders were 60% short, as that proportion of all open position volume on Swiss Foreign Exchange was in bearish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 69% to sell.
Meanwhile, pending orders in the 100-pip range around the rate were 69% to sell.