Upside risks dominated the British Pound against the US Dollar on Wednesday. The GBP/USD currency pair surged by 88 pips or 0.64% during Wednesday's trading session.
Economic Calendar
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused GBP/USD moves only from 9.6 to 17.2 pips.
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
The exchange rate is likely to continue to trend bullish during the following trading session. The potential target for buyers will be near the 1.4020 level.However, the currency exchange rate could make a brief retracement towards the 55-, 100– and 200– hour SMAs near the 1.3902 area within the following trading hours.
Hourly Chart
GBP/USD daily chart's review
On Thursday, the currency exchange rate was trading above the 55-day simple moving average, piercing the resistance level at 1.3957.Note that the 1.4000 has been keeping the GBP/USD down since the start of March.
Daily chart
Read More: Technical Analysis
Sell orders increase
On Thursday, traders were short, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate, the pending orders were 73% to sell. Previously, the orders were 55% to sell.
On Thursday, traders were short, as 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate, the pending orders were 73% to sell. Previously, the orders were 55% to sell.