On Thursday, the British Pound edged higher by 90 pips or 0.64% against the US Dollar. The currency pair returned to the 1.4185 area during Thursday's trading session.
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
All things being equal, the exchange rate might continue to surge during the following trading session. The potential target for bullish traders will be near could be near the weekly resistance level at 1.4240.However, the resistance line at the 1.4200 level could still provide resistance for the GBP/USD currency exchange rate within this session.
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 trading sideways in the borders 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 Friday, traders have been short, as 74% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 70% of positions was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 77% to sell.
Previously pending orders were 88% to buy.
On Friday, traders have been short, as 74% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, 70% of positions was short.
Meanwhile, in the 100-pip range around the rate the pending orders were 77% to sell.
Previously pending orders were 88% to buy.