This week, notable events are over. Due to this reason, the current momentum might remain intact.
GBP/USD short-term view
In the case of the Pound extending the decline against the US Dollar, it would have to break the support line and the weekly S2 simple pivot point at 1.2447. Below these levels, the 1.2400 mark might turn into support.However, if the Pound starts to recover, take into account that the 1.2500 mark is capable of acting as both support and resistance. In this case it would act as resistance. Above 1.2500, take into account the weekly S1 simple pivot point at 1.2515 and the 50-hour simple moving average near 1.2530 and the resistance line that connects the September high levels.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has bounced off the 1.2610/1.2670 range. On Thursday, the pair also pierced the 200-day SMA. Now, support could be found in the 1.2300/1.2450 range.Daily chart
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Traders are bullish on GBP
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.
On Thursday, open GBP/USD positions by Swiss Foreign Exchange traders were 66% long.
Meanwhile, trader pending orders in the 100 pip range around the rate were 59% to sell.