On Friday, the US Dollar and the Canadian Dollar are set to react to the monthly US and Canadian employment data. Among the data will be the employment changes and unemployment rates of the two countries.
GBP/USD short-term review
From a technical analysis perspective, the exchange rate reached below the support zone at 1.2413/1.2423 and confirmed it as resistance, before resuming to move downwards. A continuation of the decline might find support in the 1.2300, 1.2250 and 1.2200 levels.On the other hand, a potential recovery would have to pass the 1.2413/1.2423 zone, prior to testing the resistance of the 1.2450 and 1.2500 levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the March and April low level zone failed and the channel down pattern, which guided the rate since early 2021 also failed. On the chart, we have marked the low levels of 2020, which could act as support.Daily chart
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Traders have close by sell orders
On Wednesday, traders were 67% bullish, as 67% 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 62% to buy the GBP/USD.
On Thursday, traders were 69% long and pending orders were 61% to sell.
On Wednesday, traders were 67% bullish, as 67% 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 62% to buy the GBP/USD.
On Thursday, traders were 69% long and pending orders were 61% to sell.