On November 4, the Bank of England announced its future monetary policy. In general, the bank decided to keep monetary policy unchanged.
On the announcement, at 12:00 GMT, the GBP/USD started a decline. During the fifteen minutes following the release the rate had declined by 86 base points or 0.63%.
Economic Calendar
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved GBP/USD from 35.2 to 52.8 pips since June 2021.
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
On the technical hourly candle chart, the rate passed this week's low level and the weekly S2 simple pivot point. However, the decline appeared to be stopped by the 1.3550 mark, which caused the rate to retrace back up in the immediate aftermath of the fundamental drop.If the pair passes the 1.3550 mark's support, it could look for support first in the 1.3500 level. Afterwards, the weekly S3 simple pivot point at 1.3466 might provide support.
Meanwhile, a potential recovery of the pair could find resistance in the weekly S2 simple pivot point at 1.3567, the previous this week's low levels at 1.3605/1.3610 and the weekly S1 simple pivot point at 01.328, which could be strengthened by the 50 and 100-hour simple moving averages.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has passed also the support zone that was located below the 1.3600 mark. Next target on the chart is the September low level at 1.3412.Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 56% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to buy.
On Wednesday, orders were 58% to sell.
On Wednesday, traders were short, as 57% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 56% of volume was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 87% to buy.
On Wednesday, orders were 58% to sell.