After making three attempts to pass the resistance of the 1.2600 level and the pivot point at 1.2615, the GBP/USD began a decline.
By the middle of Thursday's trading, the sentiment had reached the 1.2500 mark.
Economic Calendar
The week will end with the US Employment data set release on Friday 12:30 GMT.
GBP/USD short-term review
It is likely that the currency pair could gain support from the 100-hour SMA near 1.2485 and trade upwards in the short term. In this case the pair could re-test the monthly R1.Meanwhile, note that the exchange rate could remain under pressure of the 55-hour SMA and the weekly R2 in the 1.2550 area. If the given resistance holds, it is likely that the rate could consolidate.
Hourly Chart
On the daily candle chart, the rate has pierced the resistance of the 100-day simple moving average at 1.2575. This level kept the rate down during Tuesday's trading hours.
Daily chart
Read More: Technical Analysis
Short sentiment continues to increases
On Thursday, the sentiment on the Swiss Foreign Exchange was 64% short.
During Wednesday's trading, the sentiment was 60% short.
In the meantime, on the Swiss Foreign Exchange in the 100-pip range around the rate, 54% of pending orders were set to sell the GBP/USD.
During Wednesday's trading, the sentiment was 60% short.
In the meantime, on the Swiss Foreign Exchange in the 100-pip range around the rate, 54% of pending orders were set to sell the GBP/USD.