At mid-day on Thursday, the pair was trading between technical levels at 1.2440 and 1.2486. Below the rate, 50, 100 and 200-hour simple moving averages were acting as support. Above the pair, the weekly R1 simple pivot point provided resistance at 1.2486. Economic Calendar
The top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
GBP/USD short-term view
A surge of the Pound against the US Dollar would have to pass the weekly R1 at 1.2486 and the resistance zone near 1.2500. Afterwards, note the weekly R2 simple pivot point at 1.2542. Higher above, note the 1.2600 mark and the weekly R3 at 1.2610.On the other hand, a decline of GBP/USD below the 50, 100 and 200-hour SMAs near 1.2440 would look for support in the weekly simple pivot point at 1.2420 and the support zone at 1.2387/1.2392.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, the pair has passed the resistance zone of the 2023 high levels at 1.2300/1.2450. Higher above, the late 2022 high level zone could stop the pair at 1.2600.However, for most of April the GBP/USD has been consolidating by trading rather flat.
Daily chart
Read More: Technical Analysis
Traders are short on GBP/USD
On Thursday, traders were 64% bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.
On Thursday, traders were 64% bearish, as 64% of trader open position volume on the Swiss Foreign Exchange was in short positions.
In the meantime, pending orders in a 100-base point range around the pair were 54% to buy the GBP/USD.