This week, there are no more scheduled events that could impact the pair.
GBP/USD hourly chart analysis
A decline below the 1.2590 level would result in the pair looking for support first in the weekly S1 simple pivot point at 1.2571. Further below, the 1.2550 level could act as support, before the rate reaches the February low level at 1.2520, the weekly S2 simple pivot point or the 1.2500 mark. However, note that the 1.2520 could have acted as support due to the 100-day simple moving average that can be observed on larger scale charts.On the other hand, a recovery of the pair is expected to face a resistance range at 1.2640/1.2650 and the 200-hour simple moving average. Higher above, take into account the weekly simple pivot point at 1.2671.
Hourly Chart
GBP/USD daily candle chart analysis
On the daily candle chart, the rate has passed below the support of the 50 and 200-day simple moving averages. However, the 100-day SMA is still holding and strengthening the 1.2520 level.Daily chart
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Traders are neutral
On Tuesday, traders were 60% long, as that proportion of all open positon volume on Swiss Foreign Exchange was in bullish positions.
Meanwhile, pending orders in the 100-pip range around the rate were 56% to sell.
By mid-Thursday, traders had become 51% long and orders were 55% to sell.
Meanwhile, pending orders in the 100-pip range around the rate were 56% to sell.
By mid-Thursday, traders had become 51% long and orders were 55% to sell.