On Wednesday morning, the GBP/USD currency exchange rate managed to pass the resistance of the hourly simple moving averages and the simple weekly pivot point. By the middle of European trading hours, the currency exchange rate had passed the 1.3450 mark.
Economic Calendar
There are couple of macroeconomic data releases expected that could move the GBP/USD rate.
On Thursday, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT.
The week is set to end with the US Producers Price Index, which has caused GBP/USD moves from 11.1 to 36.2 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
GBP/USD short-term review
It is likely that some upside potential could continue to prevail in the market, as the currency pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3350/1.3425 range.In the meantime, note that the pair could face the resistance at the psychological level at 1.3520. If the given level holds, a reversal south could follow and the rate could re-test the predetermined support.
Hourly Chart
On the daily candle chart, note that the rate managed to pierce the August high level, which ended the rate's summer surge. It indicates that the GBP/USD could push through this level, if there are positive fundamental news to the GBP.
Daily chart
Read More: Technical Analysis
Short sentiment returns
Since Tuesday, 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 62% to buy the GBP/USD pair.
Previously, the orders were 62% to sell.
Since Tuesday, 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range around the rate the pending orders were 62% to buy the GBP/USD pair.
Previously, the orders were 62% to sell.