- SWFX market sentiment is 63% bearish
- 66% of pending orders in the 100-pip range are to SELL
- Empty economic calendar
The GBP/USD pair was stranded between SMAs during the morning hours.
The Census Bureau released the monthly Durable Goods Orders that came out lower-than-expected of 1.0% compare with forecasted 3.0%, but better than previous period.
"A senior investment manager Patrick O'Donnell, from Aberdeen Standard Investments, said: "It looks like the European side is trying to acquiesce to Trump's demands. They've got more to lose if tariffs look to be placed on autos, for example. So over multi-month horizon, we'll probably see lower tariffs globally".
Empty economic calendar
No important data releases are scheduled for today.
GBP/USD bounces off the lower boundary of an ascending channel
GBP/USD was trading sideways on Friday, as any fall or advance was restricted by several support/resistance levels. As a result, the Pound remained fluctuating around the 200-hour SMA for the second consecutive session.Even though technical indicators flash mixed signals, it seems that the Pound is ready to leave this ranging motion and appreciate in this session, especially after surpassing the 200-hour and 55-period (4H) SMAs early today.
This is likely to add some bullish pressure and allow the pair to edge towards the 100– and 200-period ones, the 50.00% Fibo retracement and the weekly R1 at 1.3190. However, it still has to breach the weekly PP and the 55– and 100-hour SMAs near 1.3130 to fulfil this scenario.
In case bears take over, the nearest support is the weekly S1 at 1.3040.
Hourly Chart
When taking a look at the daily time frame of the GBP/USD pair, it was discovered that exchange rate has been moving lower since May when the channel was formed.
Daily chart
SWFX traders are SHORT on the GBP/USD pair, as 63% of open positions were bearish during the morning hours. Moreover, traders set up orders are also bearish, as 66% of trader set up orders are to SELL the Pound Sterling against the US Dollar.
Meanwhile, the market sentiments of OANDA traders are bullish on the GBP/USD pair as 69% of open positions are long. In addition, Saxo bank traders are 58% bullish in regards to this exchange rate.
Spreads (avg, pip) / Trading volume / Volatility