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 regards to the near term future forecasts, the scenarios remain unchanged, compared to Wednesday's review. A resumption of the decline of the Pound against the US Dollar could look for support in the 1.2350 mark and the 100-hour simple moving average. Further below, 200-hour simple moving average might stop a decline, before the pair reaches the 1.2300 level.On the other hand, a move above 1.2400/1.2424 range and the 50-hour simple moving average is set to encounter resistance in 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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Buy orders are gone
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 Thursday, 64% of volume was long and pending orders were 51% 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 Thursday, 64% of volume was long and pending orders were 51% to sell.