On Thursday, the GBP/USD touched the support of the 1.3120 level. During the second part of London trading hours, the pair bounced off this level and began to test the resistance of the 55-hour simple moving average.
Meanwhile, as the UK general elections were taking place, our analysts expected that all technical levels would be ignored by the rate. The results of the election will either push the rate up or down.
Economic Calendar
Meanwhile, next week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 16.12-20.12 Event Historical Reactions
GBP/USD short-term review
In general, as the elections are taking place, note that all of the technical levels should be ignored. The fundamental of the future of the whole economy of the UK are taking place.In the meantime, note that the rate still respected the support of the 1.3120 level, which had kept the rate up throughout the week.
Hourly Chart
On the daily candle chart, the rate waits for the election results in the borders of a large scale channel up pattern.
Daily chart
Read More: Technical Analysis
Short sentiment remains unchanged
Since Wednesday, 73% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were bullish. In the 100-pip range, 61% of orders were to buy and 39% were to sell.
Previously, 71% of orders were to sell.
Meanwhile, trader orders were bullish. In the 100-pip range, 61% of orders were to buy and 39% were to sell.
Previously, 71% of orders were to sell.