In the meantime, the pair appeared to have found resistance in the 1.1960 level, which marks the 2019 low level. Economic Calendar
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
GBP/USD short-term view
If the pair continues to decline, the 1.1875/1.1900 zone might once again act as support, as it did during the early part of this week. Further below, the 1.1850 and 1.1800 levels might act as support, before the rate reaches the weekly S3 simple pivot point at 1.1777.However, a potential recovery of the Pound against the US Dollar might encounter resistance in the 1.2000 and 1.2050 levels. Note that it was observed that since the middle of Thursday's trading the pair was ignoring the simple moving averages and the weekly S1 simple pivot point at 1.1934.
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 1.1600 mark, where the lower trend line of a channel down pattern is located at.Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, traders were long, 59% 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 56% to sell the GBP/USD.
On Friday, open positions were 56% long and pending orders were 59% to sell.
On Thursday, traders were long, 59% 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 56% to sell the GBP/USD.
On Friday, open positions were 56% long and pending orders were 59% to sell.