In the meantime, the high level 1.3119 of December 17 had begun to provide support. In general, the rate was expected to continue to consolidate by trading sideways between 1.3119 and 1.3150 until the 55-hour simple moving average catches up with the rate.
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 trades sideways between the 1.3120 and 1.3150 levels. It is expected to continue to do so until a fundamental event causes an adjustment or the approaching of the 55-hour SMA provides support.In the case of a surge happening after the sideways consolidation, the pair would aim at the resistance levels that are located from 1.3194 to 1.3200. At that range a pivot point, a 50.00% Fibo and the psychological effect of the 1.3200 would provide resistance.
In a second scenario, the rate could pass the support of the 1.3120 level and reach for the support of the 1.3100 level. A weekly pivot point is located at 1.3104 and the round level of 1.3100 could provide support. In addition, the 55-hour SMA could reach the 1.3100 level by the end of Thursday's London trading hours.
Hourly Chart
On the daily candle chart, the rate is being supported by the 55-day simple moving average, which on Thursday was located at the 1.3025 level.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Wednesday, 53% of open GBP/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader orders were neutral. In the 100-pip range, 53% of orders were to buy and 47% were sell orders.
The orders were 62% to sell on Wednesday.
Meanwhile, trader orders were neutral. In the 100-pip range, 53% of orders were to buy and 47% were sell orders.
The orders were 62% to sell on Wednesday.