The British Pound declined by 63 pips or 0.45% against the US Dollar during Friday's trading session. The currency pair breached the 55-, 100– and 200– hour SMAs on Friday.
Economic Calendar
On Tuesday, the US Prelim Nonfarm Productivity release at 12:30 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the GBP/USD.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
GBP/USD short-term review All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for the GBP/JPY pair will be near the 1.3810 area.
However, the weekly support level at 1.3838 could provide support for the currency exchange rate within this session.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency exchange rate has passed the 1.3900 mark's support.In the near term future a decline to the support of 200-day simple moving averages at 1.3760 is expected.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, the Swiss Foreign Exchange traders were 67% short.
On Monday, the sentiment was 69% bearish.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to buy.
On Friday, the Swiss Foreign Exchange traders were 67% short.
On Monday, the sentiment was 69% bearish.
Meanwhile, in the 100-pip range around the rate the pending orders were 55% to buy.