Secondly, in theory, as the Fed surprises with a larger than expected hike and Bank of England did as expected, the rate should have declined due to a rise in USD value. That did not occur, as the comments about future actions by the Bank of England have strengthened the Pound.
The high volatility ended on Thursday, as the GBP/USD pair fluctuated around the 1.2250 mark. Economic Calendar
This week's notable events are over.
GBP/USD short-term review
If the pair surges, the 1.2300 level might act as resistance, before the combination of the 1.2350 level and the 200-hour simple moving average are reached. Higher above, the 1.2400 level and the weekly simple pivot point at 1.2403 could stop a surge.On the other hand, a decline of the Pound against the US Dollar might look for support in the weekly S1 simple pivot point at 1.2206 and the 1.2200 mark. Further below, the combined strength of the 100-hour SMA and the 1.2150 level are likely to impact the pair.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the rate continues to trade in a channel down pattern. Note the pattern's resistance near 1.2540 and the 50-day simple moving average.Daily chart
Read More: Technical Analysis
Traders close long positions
On Wednesday, traders were 61% long, as 61% 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 52% to sell the GBP/USD.
On Thursday, the open positions were 57% long and orders were still 52% to sell.
On Wednesday, traders were 61% long, as 61% 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 52% to sell the GBP/USD.
On Thursday, the open positions were 57% long and orders were still 52% to sell.