On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
GBP/USD short-term view
An extension of the ongoing decline could look for support in the combination of the weekly simple pivot point at 1.1215, the 1.1200 mark, the 50 and 200-hour simple moving averages and the October high levels at 1.1175/1.1180. Further below, take into account the 1.1150 level and the 100-hour simple moving average.However, a recovery of the Pound against the US Dollar would have to pass the 1.1350/1.1375 zone and the weekly R1 simple pivot point at 1.1374. Higher above, there is no technical resistance. Round exchange rate levels might act as resistance.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the 50-day simple moving average near 1.1550 is highly likely going to impact the rate. It could act as additional resistance, as it reaches lower.Daily chart
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Traders are short
On Friday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Thursday, the positions were 56% short and orders were 57% to sell.
On Friday, traders were bearish, as 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Thursday, the positions were 56% short and orders were 57% to sell.