On the GBP/USD charts it resulted in a drop below 1.2600. The weekly S2 simple pivot point at 1.2591 managed to stop and reverse the decline by 14:00 GMT on Thursday. Economic Calendar
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
GBP/USD short-term view
If the recovery of the Pound against the US Dollar continues, the rate might encounter resistance in the weekly S1 simple pivot point at 1.2652 and the 1.2660. Higher above, note the 50 and 100-hour simple moving averages and the 1.2685/1.2700 range. These levels are potential resistance.However, in the case of a decline the pair would have to pass the weekly S2 simple pivot point at 1.2591. Further below, there is no support as low as the 1.2500 mark and the weekly S3 simple pivot point at 1.2497.
Hourly Chart
GBP/USD daily chart's review
On the daily candle chart, as expected, the pair is finding support in the 1.2610/1.2670 range. This zone stopped the pair's recovery in May.Meanwhile, note the approaching 50 and 100-day simple moving averages. The 50-day SMA has been ignored during May and June. However, the 100-day SMA's support caused the most recent broader surge.
Daily chart
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Traders are almost neutral
On Wednesday, traders were 53% bearish, as 53% 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 51% to sell the GBP/USD.
On Thursday, open positions were 52% short and orders were 54% to buy.
On Wednesday, traders were 53% bearish, as 53% 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 51% to sell the GBP/USD.
On Thursday, open positions were 52% short and orders were 54% to buy.