Economic Calendar
On Thursday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
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 declines against the US Dollar below the 1.3200 mark, the rate might look for support in the December low level zone at 1.3162/1.3175. Below the support zone, the 1.3150 and 1.3100 levels could act as support.However, a potential recovery of GBP against the USD is not expected to encounter resistance as far as the 1.3275 mark and the 1.3300 level. These levels acted as support during this week. In the meantime, the 1.3250 mark and the weekly S1 simple pivot point at 1.3218 was ignored.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the invasion of Ukraine by Russia caused a surge of the US Dollar, which also impacted the GBP/USD chart. On the GBP/USD chart it resulted in a breaking of the channel up pattern, which had guided the rate since November.In the near term future, the pair could look for support in round exchange rate levels, before reaching the support of the 2021 low level zone below 1.3200. In the meantime, note the resistance of the 50, 100 and 200-day simple moving averages at 1.3530, 1.3450 and 1.3600.
Daily chart
Read More: Technical Analysis
Traders go long
On Friday, traders were long, as 56% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 83% to buy the GBP against USD.
On Thursday, 51% of volume was short and pending orders were 54% to buy.
On Friday, traders were long, as 56% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 83% to buy the GBP against USD.
On Thursday, 51% of volume was short and pending orders were 54% to buy.