At mid-day on Thursday, just as the US markets were about to open, the GBP/USD currency exchange rate reached the resistance zone of early February high levels at 1.3620/1.3629
Economic Calendar
During next week, there are various types of events, which could impact different currencies. However, among the events it is clear that the top one is the quarterly US Preliminary Gross Domestic Product data release on Thursday at 13:30 GMT.
On Monday, at 09:30 GMT, the United Kingdom Markit Manufacturing and Services Purchasing Managers Index survey results will impact all GPB pairs.
On Tuesday, the US Markit Manufacturing and Services Purchasing Managers Index survey results are expected to cause move on all USD pairs and assets.
The week's notable events will end on Friday with the US Durable Goods Orders and Core Durable Goods orders publication at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
GBP/USD short-term review
If the Pound passes the 1.3620/1.3629 zone against the US Dollar, a surge could almost immediately encounter additional resistance. Note the 1.3640/1.3644 zone, which captures the February 10 high levels. In addition, the weekly R1 simple pivot point was located at 1.3646. Higher above, most close by technical resistance was the weekly R2 simple pivot point at 1.3722.However, a decline of the pair might look for support in the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages in the 1.3551/1.3568 range.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the combination of the 50 and 100-day simple moving averages is pushing the rate into the resistance of the 200-day simple moving average at 1.3620. The rate needs to properly pass the moving average to book new high levels.Daily chart
Read More: Technical Analysis
Traders are short
Since Tuesday, traders were mostly bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 66% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 71% to sell the GBP against USD.
Since Tuesday, traders were mostly bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
On Thursday, the sentiment was 66% short.
Meanwhile, in the 100-pip range around the rate the pending orders were 71% to sell the GBP against USD.