Throughout Thursday's trading, the currency pair was fluctuating mostly in the middle of the pattern near 1.3120/1.3140. However, at 15:00 GMT the rate started a surge. The surge almost immediately reached above the 200-hour simple moving average at 1.3165. Economic Calendar
The top event of the week will occur on Friday, as at 13:30 GMT the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to be published.
The week's events are scheduled to end at 15:00 GMT with the publication of the US Institute for Supply Management Manufacturing Purchasing Managers Index survey results.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the currency pair continues to surge, it would have to pass the 1.3180 level, before approaching the weekly simple pivot point at 1.3198 and the 1.3200 mark. Higher above, take into account the last week's high level zone at 1.3215/1.3225.However, a decline of the Pound against the US Dollar might look for support in the 50 and 100-hour simple moving averages near 1.3130. Further below, the lower trend line of the new channel up pattern might provide support near 1.3110/1.3130.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has passed below the support zone at 1.3160/1.3210. Meanwhile, note the March low level at 1.3000.Daily chart
Read More: Technical Analysis
Traders are long
Since Tuesday, traders were long, as 63% 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 63% to sell the GBP against USD.
However, the orders changed on Thursday, as only 54% of orders were set to sell.
Since Tuesday, traders were long, as 63% 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 63% to sell the GBP against USD.
However, the orders changed on Thursday, as only 54% of orders were set to sell.