In general, the rate was expected to continue to trade between the support of the 1.2950 level and the 55-hour SMA, which was located just above 1.3009.
Economic Calendar
US employment data sets are scheduled to be published on Friday at 13:30 GMT. GBP/USD moves from 21.7 to 51.3 pips have been caused by this event since September 2019.The week's event historical data tables have been published. Click on the headline below to read the article.
Read More: 03.02.-07.02 Event Historical Reactions
GBP/USD short-term review
Note that the currency pair is pressured by the 55-hour moving average, currently located at 1.3010. Thus, it is likely that some downside potential could prevail in the market, and the pair could target the Fibo 38.20% at 1.2918.However, if the 1.2950 level holds, it is likely that the British Pound could consolidate against the Greenback in the short run. Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly S1 at 1.3053.
Hourly Chart
On the daily candle chart, the rate's decline could look for support in the 100-day SMA, which on Thursday was located near 1.2885.
Daily chart
Read More: Technical Analysis
Traders are neutral on GBP/USD
Since Wednesday, 52% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were bullish. In the 100-pip range, 59% of orders were to buy and 41% were sell orders.
Meanwhile, trader orders were bullish. In the 100-pip range, 59% of orders were to buy and 41% were sell orders.