The British Pound traded sideways against the US Dollar on Thursday. The GBP/USD currency pair made about 35 pips or 0.25% move during Thursday's trading session.
Economic Calendar
Notable events for this week have ended. Expect the next week's analysis to be published this evening in the Fundamental Analysis section.
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 could continue to trade sideways through the following trading session. A bounce from a support level formed by the 55– hour simple moving average at 1.3922 is likely to occur.However, technical indicators suggest that bullish traders could pressure the currency exchange rate higher within this session.
Hourly Chart
GBP/USD daily chart's review
On Friday, the currency exchange rate dropped to the 1.3851 level, breaking the 55-day simple moving average, after trading above the SMA from April 23.Note that the 1.4000 has been keeping the GBP/USD down since the start of March.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Thursday, traders were short, as 61% 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 78% to buy. Previously, the orders were 73% to sell.
On Thursday, traders were short, as 61% 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 78% to buy. Previously, the orders were 73% to sell.