On Wednesday morning, the GBP/USD currency exchange rate traded between the support of the 200-hour simple moving average and the resistance of the 55-hour SMA.
In the near term future, the rate was expected to be approached by the 100-hour simple moving average.
Economic Calendar
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the GBP/USD has moved from 10.2 to 21.5 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing GDP data. A GBP/USD move of 8.1 to 37.4 pips has occurred on the release. However, the 37.4 pip move was an anomaly caused by the coronavirus.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. GBP/USD has moved from 22.8 to 43.0 pips on the announcement.
Click on the link below to see the historical reaction tables.
GBP/USD short-term review
On Wednesday morning, the currency exchange rate was located between the 55 and 200-hour simple moving averages. In the meantime, the rate was being approached by the support of the 100-hour SMA.In the near term future, it was expected that the rate would be pushed up by the support of the 100-hour SMA. In this case scenario, the currency exchange rate would aim at the resistance of the weekly R1 simple pivot point at 1.2923.
On the other hand, an increase of coronavirus lockdown measures in the UK could beat down the GBP. In this case, the rate would pass the 100-hour SMA and the weekly simple pivot point at 1.2999 and aim at the 1.2700 mark.
Hourly Chart
On the daily candle chart, the pair has additional support of the 100 and 200-day simple moving averages at 1.2748 and 1.2719.
In the meantime, the rate faces additional resistance from the 55-day simple moving average at 1.2990.
Daily chart
Read More: Technical Analysis
Traders close long positions
On Tuesday, 59% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Wednesday, 54% of volume was long. Traders had closed long positions during the rate's recent decline.
Meanwhile, in the 100-pip range around the rate the pending orders were 69% to buy the GBP/USD pair.
Previously, the orders were 63% to buy.
On Tuesday, 59% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Wednesday, 54% of volume was long. Traders had closed long positions during the rate's recent decline.
Meanwhile, in the 100-pip range around the rate the pending orders were 69% to buy the GBP/USD pair.
Previously, the orders were 63% to buy.