The GBP/USD currency exchange rate declined on Wednesday morning below the 55 and 200-hour simple moving averages. The rate was testing the support zone of the 1.3575/1.3595 levels.
Economic Calendar
On Wednesday, the ADP Non-Farm Employment Change at 12:15 GMT might cause USD volatility. The pair has moved from 12.5 up to 18.3 pips on the release since May 2021.
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD. The GBP/USD has moved from 6.6 to 18.3 pips on the releases that occurred in September.
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
The pair has reacted to the US employment data since May 2021 with moves from 35.2 to 76.4 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
If the rate continues to decline, it could find support in the weekly simple pivot point at 1.3563 and the 100-hour simple moving average at 1.3553. A passing below the technical levels would leave the GBP/USD with no additional technical support as low as the weekly S1 simple pivot point at 1.3397. However, round exchange rate levels would highly likely impact the pair.Meanwhile, a recovery of the pair might encounter resistance in the 55 and 200-hour simple moving averages at 1.3600 and 1.3580 before aiming at this week's high level zone just below the 1.3650 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has recovered and passed the resistance of the July and August low level zone. Meanwhile, the 55, 100 and 200-day simple moving averages were located at 1.3765, 1.3840 and 1.3860.Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, traders were long, as 56% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to buy.
On Wednesday, traders were long, as 56% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 60% to buy.