The data allowed the GBP/USD pair to pass a strong technical resistance cluster. This event was followed by a surge, which had no technical resistance as high as 1.3100.
Economic Calendar
The week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 20.01-24.01 Event Historical Reactions
GBP/USD short-term review
The GBP/USD found support below the 1.2980 level and did not reach the previously set target of 1.2940. The rate began a surge, which reached technical resistance levels near 1.3020 on Tuesday morning.Resistance levels, among which are three SMAs and a pivot points, were broken, as better than expected UK Average Earnings Index was released at 09:30 GMT.
In general, as the SMAs and the pivot point that are located from 1.3032 to 1.3018 are broken, the rate has no resistance as high as the 1.3100 level. Last week, the rate's surge was stopped by this round level.
Hourly Chart
On the daily candle chart, the rate has been bouncing around the 55-day simple moving average and the 1.3000 level.
In the meantime, Dukascopy Analytics have added a new channel down pattern to the chart. It is drawn by connecting the Friday high with the high levels of December 31 and December 12. However, note that the rate is being moved by fundamentals, which crash patterns.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since last Wednesday, 51% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were set to sell. In the 100-pip range, 59% of orders were to sell and 41% were buy orders.
The orders were 51% to buy on Monday.
Meanwhile, trader orders were set to sell. In the 100-pip range, 59% of orders were to sell and 41% were buy orders.
The orders were 51% to buy on Monday.