The GBP/USD exchange rate raised to the 1.3180 level.
It is likely that the rate could face the resistance area formed by the 2020 high and the weekly R1 in the 1.3213/1.3244 range.
Economic Calendar
The first week of August is going to be relatively busy on the economic calendar.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
GBP/USD short-term review
Yesterday, the GBP/USD exchange rate raised to the 1.3160 level. During Thursday morning, the rate was testing the 1.3180 mark.It is likely that some upside potential could prevail in the market, and the currency pair could try to exceed the resistance area formed by the 2020 high and the weekly R1 in the 1.3213/1.3244 range.
If the predetermined resistance holds, it is likely that a reversal south could follow. In this case the exchange rate could gain support from the 55– and 100-hour SMAs near 1.3100.
Hourly Chart
On the daily candle chart, the rate is testing the psychological level at 1.3180.
In the meantime, it is likely that the rate is in the overbought area, as it is trading far above the 55-, 100- and 200-day moving averages.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bearish, as 60% of pending orders were set to sell the GBP/USD pair.
On Thursday, 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the orders were bearish, as 60% of pending orders were set to sell the GBP/USD pair.