Since late Thursday's European trading hours, the currency pair was testing the resistance of the channel. The resistance line is crossing the 1.1200/1.1250 range. In addition, the resistance line was being strengthened by the weekly R1 simple pivot point and the 1.1250 level. Economic Calendar
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
GBP/USD short-term view
A move above 1.1250 could encounter resistance in the 1.1300 level. However, this round exchange rate level has not impacted the pair during its late September decline. Instead, watch the 1.1350 and 1.1450 levels, which acted as resistance and support during the second part of the month.On the other hand, a decline of the rate is set to look for support in the combination of the 1.1050 level, the weekly simple pivot point and the 200-hour simple moving average. Further below, note the 1.1000 and 1.0950 levels, and the ascending 50-hour simple moving average.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the surge could encounter resistance in the 2020 March low level at 1.1415.Daily chart
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Long sentiment decreases
On Wednesday, traders were bullish, as 63% 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 65% to sell the GBP/USD.
On Thursday, the positions were 60% long and pending orders were 52% to sell. By the middle of Friday, traders were 58% long and orders were 55% to buy.
On Wednesday, traders were bullish, as 63% 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 65% to sell the GBP/USD.
On Thursday, the positions were 60% long and pending orders were 52% to sell. By the middle of Friday, traders were 58% long and orders were 55% to buy.