This week, notable events are over. However, take into account that next week, already on Monday the UK GDP will be published at 06:00 GMT.
GBP/USD short-term view
A move below the weekly S1 at 1.1411 is expected to almost immediately pause at the 1.1400 mark. Further below, take into account the 1.1350 level and the weekly S2 simple pivot point at 1.1321.However, a recovery of the Pound against the US Dollar could encounter resistance in the 1.1450 and 1.1500 levels, before reaching the 50 and 100-hour simple moving average near 1.1520.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency pair has additional support. Namely, the 2020 March low level at 1.1415 is expected to impact the pair. Below the low level, note the lower trend line of the 2022 channel down pattern.Daily chart
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Buy orders are gone
On Tuesday, traders were bullish, as 67% 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 sell the GBP/USD.
On Wednesday, open positions were 75% long and pending orders were 52% to buy.
On Tuesday, traders were bullish, as 67% 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 sell the GBP/USD.
On Wednesday, open positions were 75% long and pending orders were 52% to buy.