Economic Calendar
On Friday, watch out for the US monthly employment data, which is bound to impact the markets at 12:30 GMT through the value of the USD.
GBP/USD short-term view
A potential move above 1.2580 could be slowed down by the 1.2600 mark, the weekly R1 simple pivot point at 1.2634, before reaching the 1.2700 mark and the weekly R2 at 1.2708.However, a decline of the Pound against the US Dollar could look for support near the 1.2500 mark. The round exchange rate level is being strengthened by the weekly simple pivot point at 1.2510 and the 50, 100 and 200-hour simple moving averages. Further below, note the weekly S1 simple pivot point.
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
After the US rate hike, traders were 66% bearish, as 66% 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 61% to buy the GBP/USD.
After the US rate hike, traders were 66% bearish, as 66% 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 61% to buy the GBP/USD.