During Wednesday's trading session, the Pound Sterling plunged by 61 pips or 0.43% against the US Dollar. The currency pair breached the 55-, 100– and 200– hour SMAs on Wednesday.
Economic Calendar
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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
During the Thursday's trading session, the GBP/USD exchange rate edged higher, as forecast by Dukascopy analysts.At 1100 GMT, the rate surged 64 pips or 0.46% to 1.4190, breaking the 55-, 100- and 200-hour simple moving averages, as well as the upper line of the channel down pattern.
The currency exchange rate may find support in the upper line of the descending channel pattern and edge higher towards the 1.4220 zone.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD remains in the borders of the channel up pattern, which has guided it since early April. The rate is testing the upper trend line of the pattern.In addition, note that the rate reversed its February surge just before reaching the 1.4250 level. Namely, the surge ended at the 1.4243 mark.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Thursday, traders were short, as 71% 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 54% to sell.
On Wednesday, 64% of orders were to buy.
On Thursday, traders were short, as 71% 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 54% to sell.
On Wednesday, 64% of orders were to buy.