On Friday, watch out for the US employment data release. The release is bound to impact the financial markets through the value of the US Dollar. The publication is set to consist of the Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate.
GBP/USD short-term view
To surge higher the rate would have to break the resistance of the 50-hour simple moving average. A potential move upwards might face the 1.2600 mark as resistance and the descending 100 and 200-hour simple moving averages near 1.2615 and 1.2635.On the other hand, a decline of the Pound against the US Dollar is highly likely set to look for support in the 1.2545/1.2550 range, prior to approaching the notable 1.2500 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, a new resistance range is marked at 1.2700/1.2720. This range appears to have held and caused the most recent decline. The decline could aim for the 200-day simple moving average near 1.2525.Daily chart
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Traders remain short
On Thursday, traders were 56% short, but pending orders in the 100 pip range around the pair were 55% to buy.
On Wednesday, Dukascopy traders were 57% short and pending orders were 82% to buy.
On Thursday, traders were 56% short, but pending orders in the 100 pip range around the pair were 55% to buy.
On Wednesday, Dukascopy traders were 57% short and pending orders were 82% to buy.