GBP/USD returns to 1.2700

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In the aftermath of the high USD volatility, the GBP/USD has returned to trade near the 1.2700 mark. The 1.2700 appears to have failed to act as support, but the 1.2680 level has provided support and caused a recovery. On Wednesday, the recovery faced the resistance of the 50 and 100-hour simple moving averages and the 1.2735/1.2750 range.

Economic Calendar



The second week of August lacks notable events. The only event that could cause a market reaction is the publication of the weekly US Unemployment Claims on Thursday at 12:30 GMT.

GBP/USD hourly chart analysis

A move above the resistance range is highly likely set to approach the 1.2800 mark. The 1.2800/1.2820 range is strengthened by the weekly simple pivot point and the 200-hour simple moving average.

In the case of a decline, the currency pair would have to pass the support of the 1.2700 mark, before approaching the 1.2615/1.2625 range and the weekly S1 simple pivot point.

Hourly Chart

GBP/USD daily candle chart analysis

Prior Analysis: "On the daily candle chart, the rate pierced the lower trend line of the pattern and was set to reach the 100 and 200-day simple moving averages. However, the US employment release casued a surge. By late Friday, the rate was testing the resistance of the 1.2800/1.2850 range.

If the pair again passes below the channel's lower trend line, there is no additional support on this chart as low as the combination of the 100 and 200-day simple moving averages below 1.2700. However, note that the 1.2700 has been acting as both as support and resistance.

On the other hand, a potential recovery is facing the 1.2800/1.2850 range. Higher above take into account the 1.2900 mark."

In general, the bearish scenario is taking place, as the resistance held and has caused a decline to the simple moving averages.

Daily chart


Traders remain bearish


After the US data release, traders short, as 57% of open position volume at Dukascopy was in bearish positions.

In the meantime, trader set up pending orders in the 100-pip range above and below the current rate were 55% to buy.

On Wednesday, traders were 58% long. Meanwhile, pending orders were 51% to sell the GBP versus the USD.

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