During the decline, the currency pair passed below the support zone at 1.2400/1.2424, the weekly R1 simple pivot point at 1.2391 and the 50-hour simple moving average. Economic Calendar
This week, notable events are over. Next week's review is scheduled to be published on Monday.
GBP/USD short-term review
In the near term future, a continuation of the decline of the Pound against the US Dollar could look for support in the 1.2350 mark and the combination of the 100 and 200-hour simple moving averages at 1.2310, before reaching the 1.2300 level.However, a resumption of the previous surge is expected to once again test the resistance of the 1.2500 mark.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate has broken the channel down pattern, which guided the rate's decline since the middle of April. Resistance could be found in the 1.2600 mark and the upper trend line of the larger scale channel down pattern.Daily chart
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Traders set up buy orders
On Wednesday, traders were 63% bullish, as 63% 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 54% to buy the GBP/USD.
On Tuesday, the situation changed, as 64% of volume was long and pending orders were 64% to sell.
On Wednesday, traders were 63% bullish, as 63% 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 54% to buy the GBP/USD.
On Tuesday, the situation changed, as 64% of volume was long and pending orders were 64% to sell.