The release caused a strengthening of the US Dollar. However, the GBP/USD remained above the 1.3050 level, which, despite being pierced, continued to act as support. In the meantime, resistance was found in the 1.3100 mark. In addition, note that during such fundamental events the technical indicators are mostly being ignored. Economic Calendar
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data 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 pair declines below 1.3050, the weekly S1 is slightly likely set to act as support at 1.3043. Further below, note the 1.3000 mark, which acted as support in March.On the other hand, a surge would have to pass the 1.3100 mark, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.3100/1.3120 range, before approaching the last week's high levels near 1.3175/1.3180.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the GBP/USD has passed below the support zone at 1.3160/1.3210. Most recently, the zone started to act as resistance. Meanwhile, note the March low level at 1.3000.Daily chart
Read More: Technical Analysis
Traders remain long
On Wednesday, traders were long, as 57% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 63% to sell the GBP/USD.
On Tuesday, the open positions were 57% long. Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP against USD.
On Wednesday, traders were long, as 57% of trader open position volume on the Swiss Foreign Exchange was in long positions.
In the meantime, pending orders in a 100-base point range around the pair were 63% to sell the GBP/USD.
On Tuesday, the open positions were 57% long. Meanwhile, in the 100-pip range around the rate the pending orders were 51% to sell the GBP against USD.