On Friday, the pair might react to the publication of the UK monthly retail sales data at 06:00 GMT.
Afterwards, note the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.
GBP/USD short-term view
If the Pound manages to break the resistance zone of 1.2035/1.2055 against the US Dollar, the pair might encounter resistance in the 1.2100 and 1.2150 levels, prior to reaching the weekly R1 simple pivot point at 1.2163.On the other hand, a decline of the currency exchange rate might find additional support in the 50-hour simple moving average at 1.1985. Further below note the zone at 1.1960/1.1970. Even further below, the combination of the 100 and 200-hour simple moving averages near 1.1920 are likely to act as suport.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair shows that it has reached a new 2022 low level. The pair has no additional technical support on this chart as low as the 1.1500 mark, where the lower trend line of a channel down pattern is located at.In the meantime, note that the recent recovery might encounter resistance in the upper trend line of the 2022 channel down pattern near 1.2100.
Daily chart
Read More: Technical Analysis
Traders are mostly long
On Wednesday, traders were long, 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Tuesday, the open positions were 63% long and pending orders were 58% to buy.
On Wednesday, traders were long, 61% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Tuesday, the open positions were 63% long and pending orders were 58% to buy.