By the end of the day's US trading hours, the rate had declined below the 50 and 100-hour simple moving averages near 1.3350 and 1.3375 levels.
Economic Calendar
The week's most notable event will close the week. Namely, on Friday, at 13:30 GMT the US Employment data sets are set to be published. The release will consist of three numbers - the Average Hourly Earnings change month-on-month, the Non-Farm Employment Change during the month and the Unemployment Rate in February.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
A continuation of the decline of the Pound against the US Dollar could look for support in the 1.3300 mark, before reaching the February and March low level at 1.3275. The low level has been acting as support and reversing declines since the February 24 Russian invasion of Ukraine caused decline.However, a surge of the pair would have to pass the 50 and 100-hour simple moving averages near 1.3350 and 1.3375. Further above, the week's high level zone has been marked. Note that the 200-hour SMA is approaching the zone.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the invasion of Ukraine by Russia caused a surge of the US Dollar, which also impacted the GBP/USD chart. On the GBP/USD chart it resulted in a breaking of the channel up pattern, which had guided the rate since November.In the near term future, the pair could look for support in round exchange rate levels, before reaching the support of the 2021 low level zone below 1.3200. In the meantime, note the resistance of the 50, 100 and 200-day simple moving averages at 1.3535, 1.3450 and 1.3600.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Wednesday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.
On Thursday, 51% of volume was short and pending orders were 54% to buy.
On Wednesday, traders were neutral, as 51% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to sell the GBP against USD.
On Thursday, 51% of volume was short and pending orders were 54% to buy.