By the middle of Wednesday's GMT trading hours, the GBP/USD currency exchange rate had passed the support of the 1.3000 mark. In addition, the currency pair broke out of the channel up pattern that had guided the rate since late September.
In regards to the near term future, the pair had no technical support as low as the weekly S1 simple pivot point at 1.2911.
Economic Calendar
On Tuesday, the US Durable Goods Orders and Core Durable Goods Orders will be released at 12:30 GMT. This event has caused moves on the GBP/USD from 11.2 to 21.9 base points.
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
The GDP has moved the GBP/USD from 9.8 to 26.8 pips since July 2019. Meanwhile, the Unemployment Claims since September 24 have caused 10.0 to 22.3 pips moves
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
In theory, the GBP/USD currency exchange rate should decline to the weekly S1 simple pivot point at 1.2911.However, the rate could find support in the round exchange rate level at the 1.2950 mark. Afterwards, the pair would trade sideways above this level until additional resistance is provided by the hourly simple moving averages.
On the other hand, the rate could pass the 1.2950 mark without sideways trading.
Hourly Chart
On the daily candle chart, the broken channel up pattern can be seen more clearly. It can also be spotted that the rate passed the support of the 55-day simple moving average.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Wednesday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, 51% of volume was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 80% to buy the GBP/USD pair.
On Wednesday, 52% of trader open position volume on the Swiss Foreign Exchange was in long positions.
On Tuesday, 51% of volume was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 80% to buy the GBP/USD pair.