During the early hours of Thursday's European trading, the pair was fluctuating near the 1.1500 level. Economic Calendar
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
In the case of the pair resuming its decline, the 1.1450 and 1.1400 levels are expected to once again act as support. Further below, note the 1.1350 level and the weekly S2 simple pivot point at 1.1321.However, an extension of the recovery might be stopped and reversed by the 1.1550 level and the combination of the 1.1600 mark, the 200-hour simple moving average and the weekly simple pivot point at 1.1585.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the currency pair found support in the 2020 March low level at 1.1415. If this level gets passed, the pair will reach levels not seen for decades. Namely, the rate was below 1.1000 in early 1980s.Daily chart
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Traders are still long
On Thursday, traders were bullish, as 72% 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 51% to buy the GBP/USD.
On Wednesday, open positions were 75% long and pending orders were 52% to buy.
On Thursday, traders were bullish, as 72% 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 51% to buy the GBP/USD.
On Wednesday, open positions were 75% long and pending orders were 52% to buy.