On Friday, The United States employment data release at 13:30 GMT is highly likely going to impact the US Dollar. Later on, at 15:00 GMT the ISM Services PMI is set to cause minor impact on the financial markets.
GBP/USD short-term view
If the Pound continues to decline against the US Dollar it might find support in the 1.1800 level, before reaching the support zone at 1.1760/1.1780. This support zone kept the rate up during late November trading.Meanwhile, a potential recovery of the currency pair could encounter resistance in the 1.1850 level. Afterwards, the 1.1900 mark might act as resistance. In the meantime, note that the weekly S1 simple pivot point acted as resistance during the night from Thursday to Friday at 1.1936.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has pierced the support of the 50-day simple moving average. Meanwhile, the support of the 200-day SMA has been holding. Further below, note the support and resistance zone near the 1.1800 mark.Daily chart
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Traders are long
On Friday, traders were 53% bullish, as 53% 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 51% to sell the GBP/USD.
On Friday, traders were 53% bullish, as 53% 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 51% to sell the GBP/USD.