During the first half of Wednesday's European trading hours, the GBP/USD reached the 1.4125 level. Meanwhile, the most close by technical support level was located at 1.4119.
Economic Calendar
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the GBP/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused GBP/USD moves from 22.0 to 76.4 pips since January.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In the near term future, the pair could find support in the weekly S1 simple pivot point at 1.4119. In the case of the pivot point failing to hold, the rate could reach for the 1.4100 level and the support zone just below it.On the other hand, a recovery of the GBP/USD could reach for the resistance of the 200-hour SMA and the weekly simple pivot point at 1.4169. Above these levels, the 55 and 100-hour SMA could provide resistance at 1.4185.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is trading sideways in the borders of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark. On Tuesday, this level provided resistance.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders were short, as 72% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Wednesday, traders were short, as 72% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Previously, the positions were 74% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.
Meanwhile, in the 100-pip range around the rate the pending orders were 74% to buy.