On Friday, the GBP/USD currency exchange rate declined. The decline started on Thursday when the Bank of England caused surge ended at the 200-hour simple moving average at the 1.3750 level.
Economic Calendar
On Monday, a slight move on all USD assets could be caused by the US Durable Goods Orders and Core Durable Goods Orders release at 12:30 GMT.
On Thursday, at the same time as the US GDP, the US weekly Unemployment Claims could also impact the USD.
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results.
GBP/USD short-term review
If the rate continues to decline, it would most likely look for support in the 55 and 100-hour SMAs and the weekly S1 simple pivot point at 1.3676. Below these levels, there is no support as far as the large low-level zone near 1.3600.However, a surge would face the 200-hour SMA somewhere near the 1.3740 level. Above the 200-hour SMA the weekly simple pivot point stands at 1.3795. In addition, both the 1.3750 and 1.3800 levels are likely going to provide resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate jumped before reaching the summer low level zone that is located below the 1.3600 mark.The ongoing recovery of the GBP/USD could encounter resistance at the 1.3800 level, where the 55-day simple moving average was located at. In addition, take into account the 200-day SMA at 1.3839 and the 100-day SMA at 1.3900.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, traders were slightly short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, traders were 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell.
On Thursday, traders were slightly short, as 54% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Friday, traders were 51% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 73% to sell.